Italy's Benetton family may sell a part of its 29.9% stake in Spanish telecom tower operator Cellnex Telecom SA to sovereign wealth funds GIC Pvt. Ltd. of Singapore and Abu Dhabi Investment Authority of United Arab Emirates, Reuters reported July 26, citing two sources.

Talks are reportedly in the advanced stages but the parties are yet to reach a deal.

According to the sources, the two funds could pay up to €600 million to buy a stake between 30% and 40% in ConnecT, the vehicle that holds the Cellnex shareholding.

The Singapore and Abu Dhabi funds are expected to commit the same amount of money to fund Cellnex's growth, one of the sources said.

The Benetton family's holding company, Edizione Srl, closed its acquisition of a 29.9% stake in Cellnex from Abertis Infraestructuras SA earlier this month.