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