Telstra Shop Ayr Qld – New holding company with debt cross-guarantees, international arm proposed as part of Telstra shake-up.
Telstra has filled in some details of its planned restructuring, which will see the company split into fixed, tower and service facilities.
Telstra Shop Ayr Qld
The company said on Monday it will create a holding facility for its international assets, which will sit alongside its InfraCo Fixed, InfraCo Towers and ServeCo units.
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As announced in November, InfraCo Fixed will manage passive fixed infrastructure such as ducts, fiber, data centers and exchanges; The InfraCo Tower business will own and operate passive tower assets; and ServeCo, which will remain largely Telstra-owned, operating the retail business, active electronics and radio access networks, spectrum, as well as offering services and products to customers.
However, Telstra’s existing corporate office will be built within the InfraCo Fixed division and the new controlling entity will enter into debt cross-guarantees with InfraCo Fixed and assets will be transferred from the fixed division to the services division. Telstra said existing debt would be InfraCo Fixed and repaid by Telstra’s holding company, with no change in debt levels expected.
“It is proposed that the formation of the new holding company and the transfer of the related assets to ServeCo be subject to the Schemes of Arrangement and Telstra intends to seek shareholder approval of the Schemes at the AGM in October this year,” it said. . .
The international business is responsible for submarine cables from the fixed unit, as well as for foreign assets that are transferred after approvals.
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Chief executive Andy Penn said the company was in discussions with the federal government and regulators about how it would meet its regulatory obligations, including agreements with NBN Co.
Penn added that Telstra would begin an “external strategic investment process” for InfraCo Towers in early fiscal 2022, with binding bids expected in the second quarter of FY22.
