Australia’s Telstra and Hong Kong’s PCCW have signed an agreement to restructure their assets in their 50/50 joint venture international carrier, Reach. The restructure will result in a division of the majority of Reach’s international assets between Telstra and PCCW, and is also expected to result in significant accounting gains. Reach will continue to manage the remaining joint assets, which are predominantly located in Hong Kong. According to the partners, the division will give Telstra International Group greater control over the platform used to deliver end-to-end services, improving 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.