Edizione sells 20% Cellnex stake to ADIA; may sell further stake to GIC; plans EUR 1.5bn capital injection(translated)
Cellnex Telecom [BME:CLNX], a Spain-based infrastructure operator for wireless telecommunication, is to receive a EUR 1.5bn capital injection from shareholder Edizione Holding and its two new partners, Expansion reported.
Edizione, a holding company of the Benetton family, announced yesterday (4 October) that it had sold 20% of Connect, an investment vehicle which holds a 29.9% stake of Cellnex, to the Abu Dhabi fund ADIA. The stake was sold at EUR 21.5 per share or EUR 298m in total for the 20%.
Edizione is also in advanced talks to sell another 20% of Connect, also priced at EUR 298m, to Singapore sovereign fund GIC, according to the Spanish-language report.
Edizione is also in advanced talks to sell another 20% of Connect, also priced at EUR 298m, to Singapore sovereign fund GIC, according to the Spanish-language report.
Edizione vowed to retain a majority of Connect.
Connect partners, currently Edizione and Adia, and GIC in the near future, have committed to invest EUR 1.5bn to support Cellnex's future expansion, the report went on to say.
The two sovereign funds will bring 40% of the capital injection or EUR 600m, while Edizione will invest EUR 900m, Expansion said.
Goldman Sachs is acting as Edizione’s financial adviser and Barclays advised ADIA, Expansion added.