BlackRock's GIP set to take 40% of Aboitiz InfraCapital

BlackRock unit Global Infrastructure Partners (GIP) is set to acquire 40% of Aboitiz InfraCapital Inc. (AIC), the infrastructure unit of the Aboitiz Group, which has investments in the aviation sector, bulk-water supply, economic estates, and telecommunication towers.

Aboitiz Equity Ventures (AEV), the parent firm of AIC, on Thursday said it is finalizing a strategic partnership with GIP, which includes the acquisition of 40% in Aboitiz InfraCapital, said to be one of the most significant foreign equity investments in Philippine infrastructure in recent years.

The finalization of the partnership is subject to entering definitive documentation and the satisfaction of customary conditions, including due diligence and relevant approvals.

The announcement comes after Aboitiz Group president and chief executive (CEO) officer Sabin Aboitiz had a high-level meeting with GIP Chairman and CEO Bayo Ogunlesi and President Ferdinand "Bongbong" Marcos Jr. in the United States.

"We are honored to explore this opportunity with Global Infrastructure Partners. Our shared vision of modern, world-class infrastructure aligns with the country's ambitions for progress," Aboitiz said in an emailed statement.

AIC's portfolio includes the Mactan-Cebu International Airport, the Laguindingan Airport, and the Bohol-Panglao International Airport.

GIP, which specializes in investing, owning, and operating assets in the energy, transport, digital infrastructure, and water and waste management sectors, has over $183 billion in assets under management.

"We are pleased to have the opportunity to become a strategic partner of the Aboitiz Group," Ogunlesi said in the same statement.

"The Philippines has compelling growth prospects, which can be further enhanced by developing world-class infrastructure. We look forward to working with our partners at Aboitiz Group to leverage out combined capabilities to deliver best-in-class infrastructure services to the people of the Philippines," he added. — VDV, GMA Integrated News