MANILA - AC Logistics Holdings Corp has signed an investment agreement to acquire 60 percent interest in Air21 Holdings Inc worth P6 billion, its parent Ayala Corp said Friday.
Ayala Corp's new logistics arm signed the agreement with Air21 Holdings Inc, Airfreight 2100, Air 2100, U-Freight Phils, U-Ocean, Cargohaus, LGC Logistics, Waste and Resources Managements and the Integrated Waste Management Inc, it said in a disclosure to the stock exchange.
The deal is for the "acquisition of secondary shares and subscription to primary shares, subject to the satisfaction of closing condition precedents," Ayala Corp said.
Air 21 Holdings Inc is owned by Alberto Lina, who will consolidate his equity interest in AIR21, AIR21 Subic, U-Freight, U-Ocean, CHI, LGC, WARM and IWMI, Ayala Corp said.
ANC, ANC Top, Ayala Corp, AC Logistics Holdings Corp, mergers and acquisitions, Air21