Benettons to sell part of stake in Spain’s Cellnex to GIC, ADIA

GIC
Photo: Reuters

The holding company of the Benetton family is expected to sell part of its 29.9 percent stake in Spain’s Cellnex to Singapore’s GIC and Abu Dhabi’s ADIA, two sources said.

Negotiations are in an advanced stage though a final decision has not yet been taken, the sources said.

They said the two sovereign wealth funds are expected to pay up to 600 million euros ($700 million) for a stake of between 30 and 40 percent in ConnecT – the vehicle that holds the Cellnex shareholding.

GIC and ADIA will also commit to inject the same amount of money to fund future growth opportunities, one of the sources said.

The companies were not immediately available for a comment.