ATL Atlantia

   By Pietro Lombardi 
 

Atlantia SpA (ATL.MI) has decided to exercise a call option to buy some or all of Abertis Infraestructuras SA's (ABE.MC) stake in Cellnex Telecom SA (CLNX.MC) for between 21.20 and EUR21.50 ($26.20-$26.60) per share, Atlantia said late Friday.

The option is part of an agreement between the Italian company and Actividades de Construccion y Servicios SA (ACS.MC) to buy Spanish toll-road operator Abertis.

The Italian company can buy 29.9% or 34% of Cellnex, which operates infrastructure for wireless telecommunications.

Atlantia said it will disclose how much it opts to buy within 10 days of the completion of the takeover offer for Abertis submitted through ACS's German subsidiary Hochtief AG (HOT.XE).

"Hochtief will take all the necessary actions so that, subject to the positive outcome of the rival public tender offer on Abertis's shares, Abertis will finalize the sale of Cellnex shares to Atlantia or to a company designated by it," Atlantia said in a statement.

Atlantia also said that its main shareholder, the holding company Edizione Srl, has granted Atlantia an option to sell a 29.9% stake in Cellnex for EUR21.50 per share--with dividend--valued at EUR1.49 billion.

The option may be exercised by April 16.

Should the sale be completed, Edizione will give Atlantia the right to coinvest in Cellnex by buying up to roughly 6% of Cellnex within two years of the sale.

Atlantia will also have "a 'right of first offer' and a 'pre-emptive right' in the event that Edizione should decide to sell--directly or indirectly--part or all of the investment within 7 years of execution of the sale," Atlantia said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

March 26, 2018 03:52 ET (07:52 GMT)

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