Telstra Corporation Ltd
(ASX:TLS) looks set to gain up to $150 million from restructuring its troubled 50:50 joint venture with Hong Kong-based telecommunications company PCCW.
The joint venture is called Reach, a submarine cable operator, and Telstra says the restructure will result in dividing the majority of Reach's international assets between Telstra and PCCW.
Reach will continue to manage the remaining joint assets, which are mainly located in Hong Kong.
The structural changes to Reach are due to be completed during the first half of this year.
Telstra booked a net profit of $3.9 billion in fiscal 2010.
