Aboitiz InfraCapital completes deal with GMR-Megawide for GMCAC, the developer and operator of Mactan Cebu International Airport

Aboitiz InfraCapital, Inc. (AIC) finalized its landmark deal with Megawide Construction Corporation (Megawide) and GMR Airports International, B.V. (GAIBV) for AIC to acquire shares in GMR-Megawide Cebu Airport Corporation (GMCAC), the developer and operator of the award-winning Mactan-Cebu International Airport (MCIA).

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.