GIP signs up to buy 40% of Aboitiz InfraCapital
After about a year and a half of talks, Aboitiz Equity Ventures, Inc. (AEV) has signed definitive agreements to sell a 40-percent stake in its infrastructure unit, Aboitiz InfraCapital, Inc. (AIC), to BlackRock-backed Global Infrastructure Partners (GIP) for P13.7 billion.
In a disclosure on Friday, the parent firm said AEV and AIC executed a share subscription and purchase agreement with GIP EM Onyx Pte., Ltd. This covers the sale of a 40-percent equity interest in AIC.
The deal also involves a shareholders’ agreement that will take effect upon closing.
Under the deal, GIP will acquire a combination of common shares and redeemable preferred shares in AIC, totaling 1.15 billion common shares and 1.41 billion preferred shares.
The transaction gives GIP a significant minority stake, while AEV will retain a 60-percent controlling interest in AIC.
Of the total P13.7-billion consideration, about P4.65 billion will be paid directly to AIC and the balance of about P9 billion will go to AEV through a secondary share sale.
“GIP brings deep global expertise across energy, transport, digital infrastructure and utilities, which will strengthen AIC’s ability to scale, deliver faster and create long-term value,” Aboitiz Group CEO Sabin Aboitiz said.
AEV said its board of directors approved the transaction last Dec. 15, following the completion of GIP’s due diligence and negotiations.
Closing remains subject to customary conditions. These include the approval of the Philippine Competition Commission, compliance with warranties and covenants and approval of AIC’s increase in authorized capital stock.
AIC serves as the infrastructure platform of the Aboitiz Group, with a diversified portfolio spanning airport operations, bulk water distribution and telecommunications towers in the Philippines.
AEV said the transaction supports its disciplined portfolio management strategy and its broader transformation into a technology-driven conglomerate, while unlocking value from its infrastructure business and maintaining majority control.
