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Cebu Pacific to acquire second tier Philippines domestic carrier
October 9th 2024
Cebu Pacific will pay 1.75 billion peso (US$31 million) for AirSWIFT in a deal being settled with the owner of the turboprop carrier, Ayala Land Inc. (ALI) Capital Corp. Read More » The 100% acquisition will offer more cost-effective options for the Cebu LCC’s growing customer base and expand its network and services, it said. The transaction will be a share purchase agreement. AirSWIFT flies El Nido-Manila. “We are excited to play our part in increasing accessibility to local destinations with some of the best beaches in the world,” Cebu Pacific chief commercial officer, Xander Lao, told local media. ALI Capital president, Alfonso Javier Reyes, said: “With this transaction, we hope the expertise of Cebu Pacific will introduce lower cost options and greater accessibility to El Nido.”
