Aboitiz Equity Ventures to acquire a 33% stake in Mactan Cebu International Airport from Megawide and GMR Airports for $440m.

Aboitiz Equity Ventures, a Philippine holding company, agreed to acquire a 33% stake in Mactan Cebu International Airport from Megawide, an engineering and infrastructure firm, and GMR Airports, a private airport operator, for $440m. "We, at Aboitiz InfraCapital, are happy to partner with GMR-Megawide for the continued growth and development of the Mactan-Cebu International Airport. The GMR-Megawide Consortium has done a tremendous job by significantly expanding the airport over the pre-pandemic years — almost tripling passenger traffic in five years. This is quite an accomplishment in setting up a solid foundation for the future," Cosette Canilao, AIC President and CEO.