AIC acquired a 33 and 1/3% minus 1 share stake in GMCAC from Megawide and GAIBV for a total consideration of PhP 9.5 billion. Simultaneously, Megawide and GAIBV have issued exchangeable notes to AIC for the aggregate amount of PhP 15.5 billion. The exchangeable notes will mature on 30 October 2024 and are expected to be exchanged by AIC for the remaining 66 and 2/3% plus 1 share of GMCAC’s outstanding capital stock. GMR Infrastructure Limited will continue to provide support as the Technical Services Provider to GMCAC.
“We at Aboitiz InfraCapital are excited to have successfully completed this landmark deal with Megawide and GMR for GMCAC. We look forward to working side by side with our partners in further developing the Mactan-Cebu International Airport into a world class airport. The goal is to propel MCIA to the next level and establish its status as one of the Philippines’ premier international airports,” said AIC President and CEO Cosette Canilao.
AIC envisions the deal to be the first step in its continued interest in the airport sector and in furthering its commitment to develop Philippine infrastructure in line with meeting the country’s recovery and rapid economic growth.
AlphaPrimus Advisors acted as financial advisor, Gulapa Law as legal counsel and IATA as air traffic advisor respectively to AIC in this transaction.
Photo: With the completion of its deal with GMR-Megawide for GMCAC, Aboitiz InfraCapital eyes to establish the Mactan-Cebu International Airport (MCIA) as one of the PH’s premier international airports.
