GLOBAL Infrastructure Partners (GIP), an American investment fund under BlackRock, is planning to buy a 40-percent stake in Aboitiz InfraCapital (AIC) to cement a strategic partnership with Aboitiz Equity Ventures Inc. (AEV).
In a statement on Thursday, AEV said the proposed partnership would provide the Philippines’ infrastructure sector with a significant boost in foreign investment.
“This collaboration marks a strong vote of confidence in the Philippines’ future,” it quoted President Ferdinand Marcos Jr. as having said during a meeting with Aboitiz Group President and CEO Sabin Aboitiz and Global Infrastructure Chairman and CEO Adebayo Ogunlesi in the United States.
“With global partners like GIP working alongside respected Filipino firms such as Aboitiz, we can build infrastructure that is more resilient, inclusive and forward-looking,” Marcos added.
Details of the deal were not released. Once concluded, AEV said the transaction would be “one of the most significant foreign equity investments in Philippine infrastructure in recent years.”
The stake sale remains subject to confirmatory due diligence, regulatory approvals and the execution of definitive agreements.
AIC operates a portfolio of infrastructure assets, with significant stakes in Mactan-Cebu International Airport, Laguindingan International Airport and Bohol-Panglao International Airport.
It is also involved in bulk water supply, economic estates and telecommunication towers, contributing to critical areas of national development.
Global Infrastructure, meanwhile, was said to be managing over $183 billion in assets and specializes in energy, transport, digital infrastructure, and water and waste management.
“We are pleased to have the opportunity to become a strategic partner of the Aboitiz Group,” Ogunlesi was quoted as saying.
“The Philippines has compelling growth prospects, which can be further enhanced by developing world-class infrastructure,” he added.
“We look forward to working with our partners at Aboitiz Group to leverage our combined capabilities to deliver best-in-class infrastructure services to the people of the Philippines.”
Aboitiz Equity shares rose 75 centavos, or 2.29 percent, to close at P33.50 each on Thursday amid a 0.28-percent drop for the benchmark Philippine Stock Exchange index.
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