Singapore’s GIC has agreed to buy a 2.5 percent stake in Cellnex, the main infrastructure operator for wireless telecommunication in Europe, from Edizione.
Reuters reports the deal is valued at €542 million ($639 million) and will increase GIC’s stake in Cellnex from 5.57 percent to 8.07 percent.
Edizione is Cellnex’s largest shareholder with a 13.02 percent stake. The company has agreed to sell an additional 0.98 percent stake in Cellnex to three other unnamed investors.
Cellnex’s network currently consists of 107,000 sites and provides services in Spain, Italy, Netherlands, United Kingdom, France, Switzerland, Ireland, Portugal, Austria, Denmark and Sweden, according to the company’s website.
