Abertis sells 29.9% of Cellnex to the Italian Connect for 1,489 million

The entry of the Benetton family, which controls Connect, is part of the agreement that ACS and Atlantia, controlled by the Italian family, reached to jointly take control of the infrastructure manager.

Abertis has materialized the announced 29.9% sale of the capital of Cellnex, the main mobile telecommunications and broadcast operator in Spain and Italy, Connect, controlled by the Italian Benetton family, for an amount of 1,489.37 million euros.

This transaction is the result of the agreement between ACS and Atlantia, also controlled by the Benettons, to put aside the takeover war for the infrastructure manager Abertis.

Atlantia obtained a purchase option on Cellnex that it accepted and, immediately afterwards, agreed to transfer it to Benetton. However, the Italian group was willing to take over only 29.9% of Cellnex compared to the 34% in the hands of Abertis, which exempted it from launching a takeover bid for 100% of the operator, which it would be obliged to do, according to law, if it took over more than 30%.

The remaining 4.1% has been sold by Abertis through an accelerated placement among institutional investors.

Cellnex has positively valued the incorporation of Connect to its shareholders and has considered that the new shareholder structure will reinforce the current strategy of the company's management, driven by organic and inorganic growth and financial discipline. The president of Cellnex, Tobias Martinez, has been “calm and happy” with the operation.

The Italian market is key for Cellnex since it is one of the European markets in which it is present with more than 27,000 antennas. IN the Italian case, it is the main independent operator of wireless telecommunications infrastructure in Italy with more than 8,000 sites through Galata and Towerco.

Changes in the board of directors

The representatives of Abertis on the board of directors of Cellnex have left their seats as a result of the sale to Benetton of their 29.9% of the share capital.

In this way, José Aljaro, David Díaz Almazón, Josep Maria Coronas and Carlos Francisco del Río have resigned from their position on the council. In their place, the company has appointed four directors by co-option: Marco Patuano, Carlo Bertazzo, Elisabetta De Bernardi Di Valserra and Andrea Pezzàngora.

Elisabetta De Bernardi Di Valserra will be in charge of the Audit and Control Committee and Carlo Bertazzo will be in charge of the Appointments and Remuneration Committee.