July 26, 2018 / 11:30 AM / a year ago

UPDATE 1-Telecom Italia ex-CEO to become chairman of Spain's Cellnex -sources

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MILAN/MADRID, July 26 (Reuters) - Telecom Italia former chief executive Marco Patuano is set to become chairman of Spanish masts group Cellnex following an investment by Italy’s Benetton family in the Madrid-listed company, two sources familiar with the matter said.

Benetton holding company Edizione bought 29.9 percent in Cellnex this month, saying it saw important growth prospects for the group.

Cellnex is Europe’s No. 1 player in the sector with a portfolio of more than 27,000 towers. Its total market value is 5 billion euros.

CEO Tobias Martinez has also been filling the chairman job since the departure of Francisco Reynes in February. (Reporting by Paola Arosio in Milan and Julien Toyer in Madrid; writing by Francesca Landini; editing by Jason Neely)

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