Aboitiz hatching massive infra deal with BlackRock unit
The Aboitiz Group plans to build an infrastructure powerhouse in the country by bringing in Global Infrastructure Partners (GIP), a unit of the world’s largest fund management firm BlackRock, as its strategic partner.
As part of the partnership, Aboitiz Equity Ventures (AEV) is in talks to sell a 40-percent stake in its subsidiary Aboitiz InfraCapital (AIC) to GIP, the local conglomerate said in a regulatory filing on Thursday.
The proposed buy-in deal with the BlackRock unit was “expected to be one of the most significant foreign equity investments in Philippine infrastructure in recent years,” the group said.
The deal was discussed during a high-level meeting held recently in the United States, during which President Marcos himself sat down with Aboitiz Group and CEO Sabin Aboitiz and Mayo Ogunlesi, GIP chair and CEO. This was on the sidelines of Mr. Marcos’ tariff negotiations with US President Donald Trump.
“This collaboration marks a strong vote of confidence in the Philippines’ future. 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,” Mr. Marcos said.
“We are honored to explore this opportunity with Global Infrastructure Partners. Our shared vision of modern, world-class infrastructure aligns with the country’s ambitions for progress,” said Aboitiz. “Together, we aim to deliver projects that improve lives and empower communities.”
AIC sparked GIP’s interest with its diversified portfolio of infrastructure assets, including significant investments in the aviation sector such as Mactan-Cebu International Airport, Laguindingan International Airport and Bohol-Panglao International Airport.
Aside from airports, AIC also has investments in bulk water supply, economic estates and telecommunication towers.
The value of the proposed deal was not disclosed. But more than unlocking values, GIP is seen to boost AIC’s technical and financial muscle to invest in more infrastructure assets and diversify its portfolio.
GlP specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure as well as water and waste management sectors. It has more than $183 billion in assets under management.
“We are pleased to have the opportunity to become a strategic partner of the Aboitiz Group,” said Ogunlesi.
“The Philippines has compelling growth prospects, which can be further enhanced by developing world-class infrastructure. 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,” the GIP official added.
GIP is seen to bring to the table its deep proprietary origination network and comprehensive operational expertise. It seeks to be a responsible steward of its clients’ capital and to create positive economic impact for communities.
The BlackRock unit is already part of the Coalition for Emerging Market Infrastructure Investment, which also includes KKR and Co. This coalition earlier launched the Philippines Platform, which aims to mobilize at least $300 billion in infrastructure investments.
The parties believe this potential partnership between AEV and GIP would leverage their combined expertise and resources to develop and improve essential infrastructure, ultimately benefiting the Filipino people.
The deal is still subject to definitive documentation and the satisfaction of customary conditions, including due diligence and relevant approvals.
