THE PHILIPPINE Competition Commission (PCC) has approved a transaction that can 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 among the closing conditions for the transaction,” AEV said in a disclosure on Thursday. “The parties are within the technique of completing the opposite closing conditions for the transaction.”
The transaction stems from a subscription and buy agreement signed in December by AEV, AIC and GIP.
The deal carries a complete money consideration of about P13.71 billion. About P4.65 billion shall be infused into AIC, while the remaining proceeds shall be paid to AEV.
AEV said in April that it was working to finish a strategic partnership with GIP, which it expects to supply access to the infrastructure investor’s global network and expertise.
GIP manages greater than $183 billion in infrastructure assets across the energy, transport, digital infrastructure and water sectors. Its portfolio includes stakes in major assets similar to 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 shut at P31.50 each. — Alexandria Grace C. Magno