Italy’s Benetton family has announced the sale of another 20 percent of an investment vehicle through which it holds 29.9 percent of Spanish tower operator Cellnex to a unit of Singapore's sovereign fund GIC. Last week Edizione sold an identical 20 percent stake in its investment vehicle – called ConnecT – to a unit of Abu Dhabi fund ADIA. Both funds made the acquisitions on the same economic terms Edizione bought the Cellnex stake from Spanish toll-road operator Abertis. That transaction was closed in July, when Abertis sold 29.9 percent of Cellnex to Edizione for a total of 1.489 billion.
In a statement, Edizione reiterated that all shareholders of ConnecT have committed to spend a further EUR 1.5 billion to support Cellnex’s growth plans. Earlier this year, Edizione’s CEO Marco Patuano described the acquisition of the Cellnex stake as “a long-term strategic investment with significant growth prospects.”
