July 11, 2019 / 4:58 PM / 3 months ago

CORRECTED-Italy's Benetton family sells minority stake in Cellnex

(Corrects size of stake in headline)

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

The Benettons sold 5% of a vehicle called ConnecT which holds 29.9% of Cellnex, with 2.5% 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% stake, while ADIA and GIC each hold 22.5% (Reporting by Andrea Mandala, editing by Gavin Jones)

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