PCC clears GIP investment in Aboitiz infrastructure unit

THE PHILIPPINE Competition Commission (PCC) has approved a transaction that will give GIP EM ONYX PTE. LTD., an affiliate of Global Infrastructure Partners (GIP), a 40% stake in Aboitiz InfraCapital, Inc. (AIC), the infrastructure arm of Aboitiz Equity Ventures, Inc. (AEV).

“The PCC’s clearance is one of the closing conditions for the transaction,” AEV said in a disclosure on Thursday. “The parties are in the process of completing the other closing conditions for the transaction.”

The transaction stems from a subscription and purchase agreement signed in December by AEV, AIC and GIP.

The deal carries a total cash consideration of about P13.71 billion. About P4.65 billion will be infused into AIC, while the remaining proceeds will be paid to AEV.

AEV said in April that it was working to complete a strategic partnership with GIP, which it expects to provide access to the infrastructure investor’s global network and expertise.

GIP manages more than $183 billion in infrastructure assets across the energy, transport, digital infrastructure and water sectors. Its portfolio includes stakes in major assets such as London Gatwick Airport and the Port of Melbourne in Australia.

GIP is owned by BlackRock, Inc., the world’s biggest asset manager.

Shares of AEV fell 50 centavos to close at P31.50 each. — Alexandria Grace C. Magno