Aboitiz InfraCapital Inc. (AIC) has closed its acquisition from Megawide Construction Corporation and GMR Airports International, B.V. (GAIBV) for the P25 billion acquisition of the Mactan-Cebu International Airport.
In a disclosure to the Philippine Stock Exchange, Megawide said the transaction involves AIC’s acquisition of shares in GMR MEGAWIDE Cebu Airport Corporation (GMCAC), the developer and operator of the award-winning MCIA.
AIC acquired a 33.33 percent minus 1 share stake in GMCAC from Megawide and GAIBV for P9.5 billion.
In addition, 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 66.67 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 long-term growth aspirations,” said Megawide Chairman and CEO Edgar Saavedra.
He added that, “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.” Megawide said it is strengthening its portfolio towards more cycle-resilient, scalable, and higher growth segments.
At the same time, it 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.