Aussie govt uses Skadden on Telstra sale

Skadden Arps Slate Meagher & Flom has scooped the role of international adviser to the Australian government on the sale of its remaining stake in telecommunications giant Telstra.

The New York firm, which has a Sydney office, is to advise on all international aspects of the sale of the government’s remaining 51.8 per cent share, which is one of the world’s largest ever share sales.

Skadden’s team will be led by Sydney partner Robert Williams, London partner Adrian Deitz and New York partner Phyllis Korff.

Australian firm Freehills, led by partner Philippa Stone, is advising on the domestic aspects, with all advice being overseen by the Australian Government Solicitor.

The estimated A$19bn (£8.13bn) sale hinges on the performance of the telco’s struggling share price. Telstra shares have dropped almost 20 per cent since July.