Telstra is taking the next steps in its proposed corporate restructure with the telecommunications giant set to split into four branches under the new holding company, Telstra Group. The process is part of Telstra’s T22 strategy—a strategy started in 2018 to simplify operations and reduce costs by 2022. Telstra CEO Andrew Penn said in a market release (pdf) on March 22 that the new legal structure would be an important milestone in the T22 plan. “The new structure has been chosen as it delivers a modern, optimal long-term portfolio structure for the Telstra group of businesses, which will maximise flexibility and value realisation of our assets and deliver optimal outcomes for the Telstra Group as a whole,” Penn said. The bulk of the break-up is expected to be completed by December 2021. Telstra shareholders will continue to control shares under equivalent ownership levels by distributing them to appropriate subsidiaries. Telstra will now shift …