<article>A wholly-owned entity of Singapore&#8217;s sovereign wealth fund GIC is acquiring a 20 per cent stake in ConnecT S.p.A, the largest shareholder in European telecommunications infrastructure operator Cellnex Telecom S.A.</article>

A wholly-owned entity of Singapore&#8217;s sovereign wealth fund GIC is acquiring a 20 per cent stake in ConnecT S.p.A, the largest shareholder in European telecommunications infrastructure operator Cellnex Telecom S.A.
ConnecT holds a 29.9 per cent stake in Cellnex Telecom that manages a network of 28,000 wireless telecommunications sites across Spain, Italy, France, Switzerland, the Netherlands and United Kingdom, an announcement from GIC said on Tuesday.
The seller is Italy&#8217;s Benetton family&#8217;s holding company Edizione that is disposing of the stake in ConnecT through a wholly-owned subsidiary Sintonia S.p.A. Sintonia will remain the largest and controlling shareholder in ConnecT after the transaction.
Financial terms of the deal were not disclosed.
The transaction follows the announcement last week of the sale of a 20 per cent stake in ConnecT to an entity ultimately wholly owned by the Abu Dhabi Investment Authority (ADIA).
&#8220;GIC will acquire its stake in ConnecT on the same commercial terms as the ones of ADIA, equal to those agreed by Sintonia for its July 2018 acquisition of a 29.9% stake in Cellnex from Abertis,&#8221; the announcement said.
Edizione had acquired the 29.9 per cent stake in Cellnex from motorway operator Abertis in July for 1.5 billion euros ($1.72 billion).
&#8220;ConnecT’s shareholders will work together to support Cellnex’s future growth and long term development into a platform for investment in the European telecommunications sector. ConnecT shareholders plan to commit €1.5 billion to fund Cellnex’s future expansion,&#8221; the statement noted.
Listed on the Spanish stock exchange with a capitalization of over €5 billion, Cellnex is said to have posted consistent growth since its listing in 2015.
The transaction is expected to complete in the next few days. Goldman Sachs acted as financial advisor to Sintonia in the transaction.
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The deal follows a similar stake purchase in Cellnex by Abu Dhabi sovereign wealth fund ADIA last week.

Singapore's GIC buys stake in Cellnex Telecom from Italy's Benettons

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Singapore's GIC buys stake in Cellnex Telecom from Italy's Benettons

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