GIC buys 20% of Benetton family's stake in Spanish tower group Cellnex

The logo of sovereign wealth fund GIC on a building in Singapore, on July 6, 2017.
The logo of sovereign wealth fund GIC on a building in Singapore, on July 6, 2017.PHOTO: REUTERS

MILAN (REUTERS) - Edizione, the holding company of Italy's Benetton family, said on Tuesday (Oct 9) it had sold 20 per cent of an investment vehicle through which it holds 29.9 per cent of Spanish tower group Cellnex to a unit of Singapore's sovereign fund GIC.

The deal follows the acquisition of another 20 per cent stake in the investment vehicle called ConnecT by Abu Dhabi fund ADIA announced last week.

Both GIC and ADIA made the acquisitions at the same economic terms under which Edizione acquired the Cellnex stake from motorway operator Abertis in July. Abertis sold 29.9 per cent of Cellnex to Edizione for 1.5 billion euros (S$2.38 billion).

All shareholders of ConnecT have committed to spend an additional 1.5 billion euros to support Cellnex' growth plans.