Connect with us

Hi, what are you looking for?


Ayala firm finalizes 60% acquisition of AIR21

AC LOGISTICS, Inc., the logistics arm of Ayala Corp., has reached financial close for the acquisition of 60% shares in AIR21 Holdings, Inc. (AHI) for P6.06 billion, the firm disclosed on Tuesday.

Jose Rene Gregory D. Almendras, president and chief executive officer of AC Logistics, said that he has “full confidence that the vision we created together with Mr. Lina will come to life through our teams’ shared experiences and unique expertise.”

In November 2021, AC Logistics and AHI Chairman Alberto D. Lina signed the investment agreement governing the terms of the acquisition.

On Aug. 30, the parties concluded the transaction by signing the closing documents.

AC Logistics acquired 2.54 billion or 60% shares of AHI with a price per share placed at less than 10% of the Ayala firm’s total equity. The amount of consideration given was P6.06 billion, which was paid upon the financial close.

Ayala started in the logistics business in 2018 when it launched Entrego Fulfillment Solutions, Inc., and has since expanded from last-mile delivery to domestic freight forwarding, contract logistics, and warehouse operations.

“The acquisition of AHI provides the Ayala Group with a more robust capability to provide logistics services across the entire supply chain, including door-to-door express delivery, multiple types of warehouse operations, management, and digitization, international and domestic freight forwarding, and waste management services,” the company said in a press release.

Mr. Lina was quoted as saying: “From our decades of service excellence in the logistics industry, the Lina Group has nurtured a family of talented and resilient experts who are committed to deliver delight to our loyal customers. We are extremely excited to partner with the AC Logistics team to grow to greater heights in the future.”

AIR21 has controlling interests in Airfreight 2100, Inc., Air 2100, Inc., U-Freight Philippines, Inc., U-Ocean, Inc., Cargohaus, Inc., LGC Logistics, Inc., Waste & Resources Management, Inc., and Integrated Waste Management, Inc.

Ayala said that the acquisition can help address some of the challenges related to pharmaceutical and healthcare access, food preservation, and proper waste management.

On the stock exchange on Tuesday, Ayala shares slipped by 1.81% or P13 to P707 apiece. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



The Filipino spirit of giving remains in full force as people prepare for Typhoon Karding which is moving towards the Philippine Area of Responsibility....

Editor’s Pick

Immigration rules are set to be loosened as part of Liz Truss’s mission to boost growth. The Prime Minister is expected to expand the...


REUTERS KYIV — The United States warned on Sunday of “catastrophic consequences” if Moscow uses nuclear weapons in Ukraine, after Russia’s foreign minister said...


South Korean President Yoon Suk-yeol. — REUTERS SEOUL — South Korean President Yoon Suk-yeol said on Monday “untrue” media reports over his remarks threatened...


STOCK PHOTO Image by Stefan Schweihofer from Pixabay TOKYO — The British pound tumbled nearly 5% to an all-time low on Monday as investors...


Follow us on Spotify BusinessWorld B-Side Nuclear energy has a bad reputation in the Philippines. That the Bataan Nuclear Power Plant is unfit and unsafe...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.