Cebu Pacific confirms talks of possible AirSWIFT acquisition
MANILA, Philippines – Low-cost carrier Cebu Pacific isn’t done making blockbuster deals as it now confirms that it’s in “exploratory talks” to acquire the Ayala Group’s boutique airline AirSWIFT.
“Cebu Pacific (CEB) is always on the lookout for opportunities to grow and expand its network, including partnership with other parties. We confirm that CEB is currently engaged in exploratory talks with Ayala Land Inc. but nothing definitive has been agreed upon,” the Gokongwei-led airline said in a clarification of news reports filed through the Philippine Stock Exchange.
The clarification was made in response to a report by The Philippine Star that said Cebu Pacific could finalize the acquisition of AirSWIFT within the next two months. This could allow Cebu Pacific to finally crack into the El Nido market on top of its other routes to Coron and San Vicente, Palawan.
“CEB’s track record of success means other businesses do prefer partnering with Cebu Pacific when it comes to aviation initiatives. Should any opportunity move from a proposal to a firm business undertaking, we will make the proper disclosures,” Cebu Pacific said on Monday, July 22.
AirSWIFT is fully owned by Ayala Land. The boutique airline serves the requirements of the different resorts under Ayala Land’s management. Crucially, AirSWIFT also serves El Nido Resorts, which has 187 rooms across its four island resorts in Pangulasian, Lagen, Miniloc, and Apulit.
This wouldn’t be the first time that the Zobels and Gokongweis have been in talks to acquire a company from the other. Throughout 2023, the two mega conglomerates have been working to finalize the merger between BPI and Robinsons Bank, which would see the Ayala-led bank absorb the smaller Gokongwei-owned entity.
Cebu Pacific also recently announced its intention purchase up to 152 aircraft from Airbus. Based on list prices, the total bill for the A321neo and A320neo planes could reach up to P1.4 trillion in what would become the largest aircraft order in Philippine history. – Rappler.com