The Aboitiz Group has completed a PHP25 billion deal with the Megawide Group to acquire a 33 per cent stake in the Mactan Cebu International Airport (MCIA) in the Philippines. As a part of this, Aboitiz InfraCapital Incorporated (AIC) acquired GMR Airports International B.V.’s (GAIBV) shares in GMR Megawide Cebu Airport Corporation (GMCAC), Cebu airport’s operator, for PHP9.5 billion.

Megawide will also issue exchangeable notes worth PHP15.5 billion to AIC. These notes are set to mature in 2024 when AIC will be able to trade them for the remaining 66.6 per cent stake in GMAC.