By Stuart Condie

SYDNEY--Telstra Corp. Ltd. plans to place its international assets including sub-sea cables in a new subsidiary, forming a fourth unit under its restructuring plan.

The Australian communications company on Monday said it would seek shareholder approval in October to approve the restructure, which Telstra previously said was in preparation for the eventual privatization of the government-owned National Broadband Network and to unlock value from Australia's largest mobile-tower network.

Telstra said it planned to establish a new holding company and transfer of assets into its services unit via schemes of arrangement. Shareholders will own shares in the new holding company on a like-for-like basis, it said.

The services unit will hold products and assets such as mobile spectrum. There will also be an infrastructure unit for assets including data centers and a mobile towers unit.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

March 21, 2021 17:43 ET (21:43 GMT)

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