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Manila Bulletin devider Business devider The Stock Market devider PCC greenlights A.P. Møller deal to scale Ayala logistics

PCC greenlights A.P. Møller deal to scale Ayala logistics

Published Jan 7, 2026 09:18 am
The anti-trust watchdog Philippine Competition Commission (PCC) has approved the acquisition by Danish infrastructure fund A.P. Møller Capital of a 40-percent stake in Ayala Corp.’s subsidiary, AC Logistics Holdings Corp.
The acquisition paves the way for the proposed logistics joint venture (JV) between A.P. Møller’s EMIF II Holding III B.V. (EMIF II SPV) and Ayala.
A.P. Møller is an infrastructure fund manager focused on transport, logistics, and energy transition.
AC Logistics owns Air 21 Holdings and operates several companies, such as LGC Logistics Inc., Cargohaus Inc., U-Freight Philippines Inc., and U-Ocean Inc., that provide international and domestic freight forwarding, contract logistics, and warehousing services.
As part of its review, the PCC’s mergers and acquisitions (M&A) office evaluated the relevant markets that may be affected by the transaction, namely: domestic and international freight forwarding, the nationwide market for contract logistics, and the provision of container liner shipping services to sea freight forwarders.
The PCC determined that the transaction is unlikely to result in a substantial lessening of competition due to the presence of substantial competitive constraints on the parties.
It noted that, “Domestic and international freight forwarding markets remain highly fragmented, with customers commonly engaging multiple service providers. The contract logistics market is similarly competitive, driven by performance-based tenders and differentiation in service quality and innovation.”
“The market for container liner shipping services is characterized by the presence of numerous global and regional carriers and strong buyer power, which effectively limits any ability or incentive to restrict capacity or degrade service,” it added.
A.P. Møller and Ayala’s planned investment is intended to allow AC Logistics to scale operations and strengthen its service offerings.
This will allow AC Logistics to better address the growing and increasingly complex logistics requirements of a fast-growing economy by helping businesses build cost-efficient supply chains while contributing to greater food security across the country.
“A country of 7,000 islands requires considerable logistics infrastructure, and we would like to help address this need. Working together with partners like A.P. Møller Capital, we believe we can provide real solutions,” said Ayala President and Chief Executive Officer (CEO) Cezar P. Consing.
Ayala has been steadily building up its logistics platform as part of its portfolio expansion into essential services that support domestic consumption and industrial growth. Through AC Logistics, the group has been consolidating its freight, cold chain, warehousing, and last-mile capabilities to create an integrated logistics network that can serve sectors ranging from manufacturing and retail to agriculture and e-commerce.
The Ayala Group has said logistics is a critical enabler of economic development, particularly in improving inter-island connectivity, reducing supply chain bottlenecks, and strengthening food and trade security. The entry of A.P. Møller Capital is expected to provide not only fresh capital but also global expertise to accelerate AC Logistics’ expansion and modernization plans.-James A. Loyola

Related Tags

Philippine Competition Commision Ayala Corporation Cezar P. Consing AC Logistics Holdings Corporation A.P. Moller Capital
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