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India-Philippines consortium sells Cebu airport business for over $440 million

Deal includes issuance of shares, convertible notes to acquire company

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By AFP

Published: Fri 2 Sep 2022, 1:09 PM

Last updated: Fri 2 Sep 2022, 1:22 PM

A consortium that includes India's GMR Group is selling its business developing and operating the Philippines' second-largest airport for 25 billion pesos ($440.2 million), its Filipino partner announced Friday.

The consortium of GMR Group and the Philippines' Megawide Construction Corp will sell its interests to operate the Mactan-Cebu International Airport to Aboitiz InfraCapital Inc, a unit of a family-owned conglomerate.

Megawide said in a disclosure to the local stock exchange that the deal includes the issuance of shares and convertible notes to acquire the company.

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The listed parent firm Aboitiz Equity Ventures confirmed the deal in a separate disclosure.

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The Philippine government in 2014 awarded a 25-year concession to GMR and Megawide to operate and expand the main gateway to the central city of Cebu, the country's second-largest metropolis after Manila.

Megawide said the sale is subject to "customary closing conditions," including approval from third parties and regulators.

AFP

Published: Fri 2 Sep 2022, 1:09 PM

Last updated: Fri 2 Sep 2022, 1:22 PM

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