Mar 11, 2008
Singapore fund to take 14 pct of Benetton family holding company
Mar 11, 2008
MILAN, March 11, 2008 (AFP) - Singapore's GIC sovereign wealth fund is to take a 14.3 percent stake in the Benetton family's holding company, Luxembourg-based Sintonia SA, for one billion euros (1.53 billion dollars), Sintonia said Tuesday March 11th.
Benetton Africa Works campaign
Under the deal, the Government of Singapore Investment Corporation (GIC) will acquire a 3.0 percent stake in Sintonia SA from the Benetton's local firm Sintonia SpA as well as subscribing to a capital increase to take 14.3 percent in all.
"The aim of Sintonia is to raise approximately four billion euros to pursue its investment strategy in Italy and abroad and expand its platform of infrastructure investments," Sintonia said.
It said that with GIC's commitment, it now has funds of two billion euros.
GIC's acquisition is subject to regulatory approvals and should close in the second quarter of 2008, it said.
After the deal, the Benetton family will own 66.6 percent of Sintonia SA, GIC and US investment bank Goldman Sachs will each hold 14.3 percent and Mediobanca SpA of Italy 4.8 percent, it said.
Sintonia's investment portfolio includes a majority stake in Atlantia and holdings in Aeroporti di Roma, Telecom Italia and Sagat, which owns Turin and other regional airports, it said.
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