October 9, 2018 / 6:23 PM / 6 days ago

Italy's Benettons sell 20 pct of their Cellnex stake to Singapore's GIC

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

The deal follows the acquisition of another 20 percent 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 percent of Cellnex to Edizione for 1.5 billion euros ($1.72 billion).

All shareholders of ConnecT have committed to spend an additional 1.5 billion euros to support Cellnex’ growth plans. ($1 = 0.8705 euros) (Reporting by Agnieszka Flak)

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