Aboitiz InfraCapital finalizes acquisition of Cebu Airport operator

ABOITIZ InfraCapital Inc. completed the acquisition of shares in GMR Megawide Cebu Airport Corp., the developer and operator of the MactanCebu International Airport.

AIC acquired a stake representing 33 and 1/3 percent minus 1 share in GMCAC from Megawide Construction Corp. and GMR Airports International B.V. for a total of P9.5 billion.

Megawide and GAIBV simultaneously issued exchangeable notes to AIC amounting to P15.5 billion, which will mature on Oct. 30, 2024, and are expected to be exchanged by AIC for the remaining 66 and 2/3 percent plus 1 share of GMCAC’s outstanding capital stock.

“We are excited to finally consummate this transaction that will clear the runway for GMCAC’s next chapter, as well as accelerate Megawide’s longterm growth aspirations. We are also looking forward to unlocking more opportunities with this venture as we continuously re-engineer our portfolio towards achieving a First-World Philippines,” said Megawide chairman and chief executive Edgar Saavedra.

“Megawide is strengthening its portfolio towards more cycle-resilient, scalable and higher growth segments,” he said.

Megawide plans to replicate its transformative value-creation model in other sectors, particularly in transport, social and digital infrastructure spaces, by modernizing and innovating systems and structures that will help jumpstart the Philippines’ recovery and ascendancy in the next normal.

The company initially bared its intention to build several transit-centric developments in key locations across the country and ride the information technology wave through its foray into data centers.