Conglomerate Ayala Corp. is taking control of logistics provider Air21 Holdings Inc. owned by businessman Alberto Lina to strengthen its position in the fast-growing sector.
Ayala said in a disclosure to the stock exchange wholly-owned unit AC Logistics Holdings Corp. signed an agreement with the Lina group for the acquisition of a 60-percent interest in Air21 for P6.06 billion.
Ayala president and chief executive Fernando Zobel de Ayala said acquisition would enable AC Logistics to have an end-to-end logistics platform capable of serving the supply chain requirements of multiple industries in high-growth markets.
The Air21 Group is engaged in a broad range of supply chain services covering door-to-door express delivery, international and domestic freight forwarding, warehousing and waste logistics management.
“Ayala’s businesses have proven leadership in their respective industries. The management expertise from the Ayala group combined with our extensive experience in logistics will be transformative not just for our group but for the industry as well,” Air21 founder and chairman Alberto Lina said.
The transaction will be done through AC Logistics’ acquisition of secondary shares and subscription to primary shares of Air21, subject to closing conditions.