July 30, 2021

The Benettons sell another 20% of their shares of Cellnex to a Singapore fund | Economy

The Benettons sell another 20% of their shares of Cellnex to a Singapore fund | Economy



The Benetton family has secured another partner to boost the Cellnex Telecom operator, Europe's leader in telecommunication infrastructures. Edizione, the holding company of the Italian family, controls 29.9% of Cellnex's capital through Connect, the company that manages its investment. Last Thursday Edizione sold 20% of this company to Infinity Investments, a fund from Abu Dhabi. On Tuesday, the holding company sold another 20% to a new partner, a subsidiary of GIC, a sovereign fund of Singapore.

The Benettons came to Cellnex with the purchase of the shareholding package controlled by Abertis, and with the intention of investing some 1,500 million euros in the telecommunications company. They already announced an allied search to boost Cellnex. GIC has acquired the stake in Connect under the same conditions in which the purchase was executed by the Benettons, in July 2018.

The capitalization of Cellnex exceeds 5,000 million euros, according to the statement in which Edizione has announced the operation. The objective of the sale of the shareholding packages and the search for partners is "to finance the future expansion of Cellnex and to turn the company into an indisputable leader".

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