MacroAsia Corp., the country’s dominant aviation support service provider, said Tuesday it acquired a 30-percent stake in Konoike Transport’s ground handling unit in Narita Airport in Japan for 1.825 billion yen (P850 million).
Konoike in turn will acquire a 20-percent interest in MacroAsia’s ground handling subsidiary MacroAsia Airport Services Corp. for 2.344 billion yen (P1.09 billion).
The cross-border transaction was concluded in a signing ceremony at Century Park Hotel in Manila on Tuesday.
“This will be financially positive and lead to other expansion with Konoike,” said MacroAsia chief operating officer Joseph Chua.
“Through this partnership, the sustainable growth of MacroAsia in the next 10 years will be reinforced. Japan’s robust growth in local and international travelers will create tremendous demand on airport ground handlers and other aviation support service providers,” MacroAsia said in a statement.