Metro Manila (CNN Philippines, August 30) — Conglomerate Ayala Corp. has strengthened its position in the logistics industry after acquiring a 60% stake in Air21 Holdings Inc. (AHI).
In a statement, Ayala said its subsidiary AC Logistics Holdings Corporation and AHI closed the transaction on Tuesday, almost a year after both parties sealed an investment agreement.
The deal involved the Ayala unit acquiring 2.6 billion shares in Air 21—owned by ex-Customs chief Alberto Lina—for ₱6 billion.
READ: Competition watchdog OKs AC Logistics’ acquisition of Air 21 majority stake
AHI has controlling interests in eight companies: Airfreight 2100 Inc., Air 2100 Inc., U-Freight Philippines Inc., U-Ocean Inc., Cargohaus Inc., LGC Logistics Inc., Waste & Resources Management Inc., and Integrated Waste Management Inc. (AIR21 Group).
Following the deal, Ayala said it is bullish this would give the group a “more robust capability” to offer logistics services, including door-to-door express delivery, multiple types of warehouse operations, management and digitization, international and domestic freight forwarding, and waste management services.
“AC Logistics is a realization of Ayala’s commitment to create shared value with our stakeholders. I have full confidence that the vision we created together with Mr. Lina will come to life through our teams’ shared experiences and unique expertise,” said Rene Almendras, president and CEO of AC Logistics.
