October 4, 2018 / 4:36 PM / 2 months ago

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

MILAN (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 (CLNX.MC) to a unit of Abu Dhabi fund ADIA.

Infinity Investments, a company fully controlled by ADIA, bought the stake on the same economic terms 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).

Edizione is also in advanced talks with another party to sell an additional 20 percent in the investment vehicle called 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.

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

Goldman Sachs was advising Edizione in the ADIA deal, while Infinity was assisted by Barclays.

Reporting by Paola Arosio, writing by Agnieszka Flak; editing by Francesca Landini and Alexandra Hudson

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