PCC clears GIP investment in Aboitiz infrastructure unit

THE PHILIPPINE Competition Commission (PCC) has approved a transaction that will give GIP EM ONYX PTE. LTD., an affiliate of Global Infrastructure Partners (GIP), a 40% stake in Aboitiz InfraCapital, Inc. (AIC), the infrastructure arm of Aboitiz Equity Ventures, Inc. (AEV), BusinessWorld reported.

The PCC clearance is one of the closing conditions for the transaction, which will see GIP acquire a minority stake in AIC. The deal is part of AEV's strategy to expand its infrastructure portfolio, which includes water, roads, and logistics assets.

AEV said the partnership with GIP, a global infrastructure investor with over $100 billion in assets under management, will support AIC's growth plans and contribute to the development of critical infrastructure in the Philippines.