Cebu Air, Inc. Acquires Ayala Group's AirSwift for P1.75 Billion

​Cebu Air, Inc. (CEB) has officially signed a share purchase agreement (SPA) with ALI Capital Corp. for the acquisition of 100% of AirSwift for P1.75 billion. This transaction has been approved by CEB's Board of Directors, marking a significant step in the airline's continued expansion of services and network reach.

This strategic decision allows both organizations to focus on their respective core businesses, enhancing operational focus and efficiency, and marks an exciting new chapter for both AirSwift and CEB.

Following the acquisition, there will be no change in AirSwift’s flight schedules and service. A boutique airline that caters to the domestic leisure travel market, AirSwift operates flights from Manila and Clark to El Nido in northern Palawan, and from El Nido to other major tourist destinations in the country, including Cebu, Boracay, Coron and Bohol. Its parent company ALI Capital Corp. is a wholly owned subsidiary of Ayala Land, Inc., the Philippines’ largest property developer.

AirSwift Transport, Inc. (AirSwift) is a corporation duly organized and existing under the laws of the Republic of the Philippines (SEC Registration No. CS200256624) with principal address at 5th Floor Ayala Malls Manila Bay, Diosdado Macapagal Blvd., Parañaque City. As of the date of the SPA, AirSwift has 1,054,783 common shares issued and outstanding with a par value of P100.00 per common share and 8,100,000 preferred shares issued and outstanding with a par value of P100.00 per preferred share.

Prior to the acquisition, ALI Capital Corp. is the registered and beneficial owner of 100% of the total issued and outstanding capital stock of AirSwift.

The consideration to be paid is P1.75 billion, comprised of payment for outstanding shares and shareholder advances. The consideration will be paid in cash.
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Following its purchase, CEB will eventually add El Nido to its routes, widening its network which will contribute to growth opportunities, and leveraging its operational expertise to be able to offer more cost-effective options for its growing customer base. With this, the acquisition of Airswift is expected to have a material impact on the net assets and earnings per share of CEB.