40 billion market cap

At $3.21 the market cap of Telstra is 40 B.
I have read that about 1/3 of telstras profit comes from its fixed line assets. So if TLS were to vend these assets into the NBN for say 20B cash would this represent a good deal for TLS shareholders?I am assuming that the deal would include a contract with the NBN to transfer all customers over to the NBN

pros
1. 20 b for an ageing asset requireing significant resources to maintain
2. an offloading of the universal service obligations a big cost saving
3. left with 66% of profits still but on a capital base of half (assuming that there is a capital return to shareholders of $1.60)
4 post restructure, management can concentrate on high growth opportunities, rather than defending their ageing technology
5 a window of 5-6 years to really clean up with the margins on the fixed line assets following the accc decision to allow increased wholesale prices.

cons
1. loss of monopoly on a major source of revenue ie will have to compete on a level playing field.
2. Access to funding may be reduced due to the fall in balance sheet assets.
3 A new deregulated telco market will allow much more competition and innovation. Smaller players with nimble feet will be able to potentially steal market share from TLS.
4. ??