Italy’s Benetton family sells minority stake in Cellnex to GIC, ADIA

Italy’s Benetton family said on Thursday it had sold an indirect minority interest in Spanish tower group Cellnex to sovereign funds in Abu Dhabi and Singapore.

The Benettons sold 5% of a vehicle called ConnecT which holds 29.9% of Cellnex, with 2.5% going to each fund.

The sale follows the exercise of a call option by Abu Dhabi Investment Authority (ADIA), and Singapore’s sovereign wealth fund, GIC.

Following the deal, Benetton’s holding company Edizione remains ConnecT’s largest shareholder with a 55% stake, while ADIA and GIC each hold 22.5%.