MADRID, March 29 (Reuters) - Singapore wealth fund
MADRID, March 29 (Reuters) – Singapore wealth fund GIC has agreed to purchase a 2.5% stake in Europe’s largest cell phone towers operator Cellnex CLNX.MC from Edizione, the Benetton household’s funding agency, Edizione stated on Friday night.
By the acquistion, price 542 million euros ($638 million), GIC would elevate its stake in Cellnex to eight.07% from a earlier 5.57%, in accordance with Refinitiv information.
Edizione, Cellnex’s largest shareholder with a 13.02% stake, stated it additionally agreed to promote a further 0.98% stake in Cellnex to different three unnamed buyers.
The transactions had been unveiled as Cellnex prepares a 7 billion euro capital improve to fund an acquisition in France.
The Benetton household has stated it could not take part within the capital improve.
Since its itemizing in 2015, the Barcelona-based agency, which has a market capitalisation of 21.6 billion euros, has grown quickly to grow to be Europe’s largest cell phone towers operator by shopping for up belongings which have retained their attraction for buyers because of their regular money flows.
In its newest main deal, Cellnex reached an settlement with Altice and Starlight Holdco to accumulate Hivory, which has round 10,500 masts in France, planning an preliminary funding of 5.2 billion euros.
($1 = 0.8493 euros)
(Reporting by Inti Landauro; Enhancing by Edmund Blair)
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