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By Pietro Lombardi
Atlantia SpA (ATL.MI) said Wednesday that it intends to exercise an option to sell a 29.9% stake in Cellnex Telecom SA (CLNX.MC) to Edizione Srl as part of its deal to buy Abertis Infraestructuras SA (ABE.MC).
The planned transaction is related to Atlantia's deal to buy Abertis, which currently holds the stake. Under an agreement with Edizione, Atlantia's main shareholder, Atlantia has the option to sell the Cellnex stake for 21.50 euros a share, a transaction valued at EUR1.49 billion ($1.83 billion).
As previously reported, 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 seven years of execution of the sale," Atlantia said.
Atlantia plans to exercise the option unless it receives a better offer by April 16, it said.
The transaction is subject to Atlantia concluding the acquisition of Abertis, as agreed with bidding partner Actividades de Construccion y Servicios SA (ACS.MC).
Write to Pietro Lombardi at email@example.com
(END) Dow Jones Newswires
April 05, 2018 02:36 ET (06:36 GMT)
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