MADRID (March 29): Singapore wealth fund GIC Pte Ltd has agreed to buy a 2.5% stake in Europe's largest mobile phone tower operator Cellnex from Edizione, the Benetton family's investment firm, Edizione said on Friday evening.

Through the acquistion, worth €542 million (US$638 million), GIC would raise its stake in Cellnex to 8.07% from a previous 5.57%, according to Refinitiv data.