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Cebu Pacific buys out Ayala airline for P1.75 B
The Philippine Star
|October 07, 2024
The Gokongweis are making a big bet on the growth potential of domestic travel as their budget carrier Cebu Pacific has bought out boutique airline AirSWIFT Transport Inc. for P1.75 billion.
After placing a massive $24 billion order for 152 aircraft, Cebu Pacific is taking another step to spread its wings in the domestic market, this time acquiring full ownership of AirSWIFT from Ayala Land Inc. (ALI) Capital Corp.
The STAR learned from aviation sources that Cebu Pacific and ALI Capital are scheduled to sign a share purchase agreement today, to formalize the P1.75billion transaction wan through Busuanga (Coron) and all-time high. This upside is what excited Puerto Princesa.
Cebu Pacific the most during the negotiations, given that on its own, it is also trying to reach historic numbers.
Moreover, AirSWIFT provides Cebu Pacific with another revenue driver, potentially to the tune of billions of pesos.
Prior to the pandemic in 2019, AirSWIFT delivered P1.68 billion in revenue for ALI Capital. It can do that for Cebu Pacific now that the air travel market is flourishing.
Based on figures from the Civil Aeronautics Board, AirSWIFT carried a record 355,458 passengers in 2023, breaching its pre-pandemic peak of 321,523 in 2019.
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