Edizione, the holding company of the Italian family Benetton, announced on Thursday that its subsidiary Sintonia, has sold 5% of its share in the corporate capital of ConnecT, vehicle with which it participates in the Spanish Cellnex, to the investment funds of the Abu Dhabi Investment Authority and to sovereign fund of Singapore.
The Benettons entered the capital of Cellnex a year ago, when they bought Abertis' share. For that adventure they formed a financial vehicle, ConnecT, together with both sovereign funds. With the transaction announced today, the initial shareholding structure of ConnecT is restructured, in such a way that the Benettons (Sintonia) continue to hold a majority position of 55% in the corporate capital of ConnecT, before 60%, and the funds of Abu Dhabi and Singapore will now own 22.5% of the shareholding of ConnecT, compared to the initial 20%.
The operation was contemplated in the initial agreement
This agreement is the execution of a purchase option that the Benetton, through Sintonia, had signed with both sovereign funds by which it undertook to sell each and one of them an additional 2.5% of the capital of ConnecT. The execution of this purchase option is understood as a reinforcement of the commitment of both sovereign funds in their commitment to the Spanish telecommunications infrastructure company.
The operation has no impact on the participation of the Benetton family and its partners in the capital of Cellnex, in which it continues to be a majority shareholder with 29.9% of the shares. The Benetton and its partners have pending the appointment of a new counselor of Cellnex, which according to the Italian press and has not denied the company, will be Franco Bernabé, whom everyone identifies as the manager that next July 25 will be become the new president of Cellnex, after the resignation of Marco Patuano.