October 4, 2018 / 4:28 PM / 2 months ago

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

MILAN, Oct 4 (Reuters) - Edizione, the holding company of Italy’s Benetton family, said on Thursday 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 Abu Dhabi fund ADIA.

Infinity Investments, a company fully controlled by ADIA, bought the stake 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).

As part of Thursday’s agreement, shareholders of the investment vehicle called ConnecT have committed to spend an additional 1.5 billion euros to support Cellnex’ growth plans.

Edizione is also in advanced talks with another party to sell an additional 20 percent in ConnecT, it added in a statement.

A source familiar with the matter said Singapore’s GIC was the potential buyer that Edizione was speaking to. ($1 = 0.8696 euros) (Reporting by Paola Arosio, writing by Agnieszka Flak; editing by Francesca Landini)

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