Bilyonaryo Ed Saavedra’s Megawide Construction Corp. announced today that it has completed the sale of the Mactan-Cebu International Airport (MCIA) to the Aboitiz Group as it sets its sights on several transport-centric projects and data centers.
In a disclosure to the stock exchange, Megawide said the acquisition by Aboitiz InfraCapital Inc. (AIC) of shares in GMR Megawide Cebu Airport Corp. (GMCAC), the developer and operator of MCIA, had already been consummated.
Under the P25 billion transaction, AIC acquired 33.33 percent of the shares in GMCAC from Megawide and its partner GMR Airports International BV for P9.5 billion. The deal also involved the issuance of exchangeable notes worth P15.5 billion, which would allow AIC to take full ownership of the airport by 2024.
Megawide earlier bared plans to build several transit-centric developments in key locations across the country and venture into the information technology business through its foray into data centers.
“We are excited to finally consummate this transaction that will clear the runway for GMCAC’s next chapter, as well as accelerate Megawide’s long-term growth aspirations,” said Saavedra, chairman and CEO of Megawide.
Saavedra said Megawide plans replicate its transformative value-creation model in other sectors, particularly in transport, social, and digital infrastructure spaces, by modernizing and innovating systems and structures that will help jumpstart the Philippines’ recovery and ascendancy in the next normal.