The Philippine Competition Commission (PCC) has approved the proposed acquisition of aircraft assets of CL Financing Gold Ltd. from subsidiaries of Vmo Aircraft Leasing GP, LLC.

In a decision dated Nov. 6, the antitrust watchdog said the transaction is unlikely to result in a substantial lessening of competition in the global dry leasing of aircraft.

This followed interviews and consultations conducted by the Commission’s mergers and acquisitions (M&A) office to assess the proposed deal.

CL Gold, which comprises global investment and asset management firms, entered into an agreement with Vmo Aircraft Leasing on June 27 to acquire the aircraft assets.

CL Gold is an exempted company incorporated under the laws of Cayman Islands.

Meanwhile, Vmo Aircraft Leasing is a multinational commercial aircraft lessor backed by funding from the private equity and credit groups of Los Angeles-based investment manager Ares Management Corp.

PCC said both parties hold minimal market shares, meaning the asset acquisition will not affect competition in the global dry leasing market.

It added that the industry remains dynamic and competitive enough to cushion the impact of such a transaction.

“The presence of sufficient existing players and the attractiveness of the market to new entrants ensure that competition will remain robust,” PCC said.

The Commission added that the approval reinforces its role in ensuring that consolidation in specialized global industries, such as aviation leasing, proceeds without harming competition.

“The Commission continues to safeguard consumer welfare and promote a level playing field across diverse markets,” it said.

Under the Philippine Competition Act, PCC reviews M&A transactions to ensure these deals do not lessen market competition or harm consumer welfare.