Italy's Benetton family sells 5% of Spanish tower group Cellnex to GIC, Abu Dhabi fund

Telecom antennas of Spain's telecoms infrastructures firm Cellnex in Madrid, Spain, on March 10, 2016.
Telecom antennas of Spain's telecoms infrastructures firm Cellnex in Madrid, Spain, on March 10, 2016.PHOTO: REUTERS

MILAN (REUTERS) - Italy's Benetton family said on Thursday (July 11) it had sold an indirect minority interest in Spanish tower group Cellnex to sovereign funds in Abu Dhabi and Singapore.

The Benettons sold 5 per cent of a vehicle called ConnecT which holds 29.9 per cent of Cellnex, with 2.5 per cent going to each fund.

The sale follows the exercise of a call option by Abu Dhabi Investment Authority ADIA, and Singapore's sovereign wealth fund, GIC.

Following the deal, Benetton's holding company Edizione remains ConnecT's largest shareholder with a 55 per cent stake, while ADIA and GIC each hold 22.5 per cent.