Telstra, Australia's biggest telecommunications company, has signed an agreement with PCCW to restructure the assets in their 50/50 joint venture, Reach.
Mallesons Stephen Jaques advised Telstra on the restructure, which will result in a division of the majority of Reach's international assets between Telstra and PCCW.
The restructure will give Telstra International Group greater control over the platform used to deliver end-to-end services and improve the quality of service offered to enterprise and global service provider customers.
The structural changes to Reach are expected to be completed during the first half of 2011.
The Mallesons team was led by partners Joshua Cole and Jeremy Wade, with assistance from Hong Kong lawyers, including Jessica Huntington, Heidi Pang, Derek Poon and Yi Zhao, as well as lawyers from Sydney, Melbourne and Perth.
Cole, who was based in Hong Kong for the negotiations, said: "This is a very significant strategic step for Telstra in the region and I am very pleased that we could be part of it."