AC Logistics deal gets green light

The antitrust watchdog Philippine Competition Commission (PCC) has approved the acquisition by Danish infrastructure fund A.P. Moller Capital of a 40-percent stake in Ayala Corp.'s subsidiary, AC Logistics Holdings Corp.

- By JAMES A. LOYOLA

The acquisition paves the way for the proposed logistics joint venture (JV) between A.P. Moller’s EMIF II Holding III B.V. (EMIF II SPV) and Ayala.

A.P. Moller is an infrastructure fund manager focused on transport, logistics, and energy transition.

AC Logistics owns Air 21 Holdings and operates several companies, such as LGC Logistics Inc., Cargohaus Inc., U-Freight Philippines Inc., and U-Ocean Inc., that provide international and domestic freight forwarding, contract logistics, and warehousing services.

As part of its review, the PCC’s mergers and acquisitions (M&A) office evaluated the relevant markets that may be affected by the transaction, namely: domestic and international freight forwarding, the nationwide market for contract logistics, and the provision of container liner shipping services to sea freight forwarders.