March 8, 2021

The Benettons sell 20% of their shares of Cellnex to a fund in Abu Dhabi | Economy

The Benettons sell 20% of their shares of Cellnex to a fund in Abu Dhabi | Economy



Edizione, the investor holding the Benetton family that controls 29.9% of the capital of the telecommunications tower operator Cellnex, has sold 20% of the company through which it manages its investment, Connect. The shareholder of this shareholding is Infinity Investments, owned by the Investment Authority of Abu Dhabi, which will indirectly control 6% of the company.

When the Benettons landed at Cellnex, acquiring the package then controlled by Abertis, they already warned that they would seek allies for their investment, of some 1,500 million euros. Infinity is the first of the planned partners, while a second agreement is closed, which, according to the Italian media, could be the investment fund CIC, of ​​Singapore. Infinity Investments has acquired the shares for the same amount paid by Edizione.

At the time of acquiring its shareholding package, with which Edizione became the reference partner of the Spanish operator, the company made clear its commitment so that the telecommunications operator would gain financial muscle through new partners, so that Cellnex could undertake new investments and consolidate its position in the European market. These movements would occur through a capital increase.

In a statement sent Thursday by Edizione, it is stated that the alliance with the Abu Dhabi fund contemplates "an investment commitment of the shareholders of Connect for an amount of 1,500 million euros". In this way, and if they accompany the rest of the partners, Cellnex could double its current capitalization of 5,000 million euros.

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