Cebu Pacific has finalized an agreement to acquire AirSWIFT Transport Inc. from ALI Capital Corp. for PHP 1.75 billion, according to a joint press release and disclosures filed with the Philippine Stock Exchange (PSE) on Oct. 7, 2024.
The acquisition, approved by the boards of both companies, involves the purchase of 100% of AirSWIFT’s shares.
AirSWIFT, a boutique airline serving the domestic leisure market, operates a fleet of two ATR 42-600 and three ATR 72-600 aircraft. It flies from Manila and Clark to El Nido in northern Palawan, as well as to other popular tourist spots such as Cebu, Boracay, Coron, and Bohol.
Despite the change in ownership, AirSWIFT will continue its current flight schedules and services without disruption.
Cebu Pacific plans to integrate AirSWIFT into its broader network, adding El Nido as a new destination. The airline’s regional subsidiary, Cebgo, also operates a fleet of 15 ATR 72-600 aircraft, with more expected to arrive soon.
“Our investment in AirSWIFT has been a key enabler in the growth of El Nido as a world-class tourist destination. With this transaction, we are hopeful that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido,” said Alfonso Javier Reyes, President of ALI Capital, a subsidiary of Ayala Land, Inc.
Cebu Pacific currently flies to 35 domestic and 26 international destinations. With the acquisition of AirSWIFT, the budget airline intends to widen its domestic connectivity and contribute to economic and tourism growth, particularly in key tourist areas.
“Cebu Pacific continues to undertake measures to boost connectivity to various Philippine destinations while offering low fares,” said Cebu Pacific President and Chief Commercial Officer Xander Lao.
“We are excited to play our part in increasing accessibility to local destinations that are world-renowned for having some of the best beaches,” he added.
According to Cebu Pacific’s PSE disclosure, the PHP 1.75 billion acquisition will be paid in cash, with the funds placed in escrow until all post-closing conditions are satisfied.
On Wednesday, the low-cost carrier firmed an order for up to 102 Airbus A321neos and 50 Airbus A320neo Family aircraft valued at PHP1.4 trillion based on list prices. The 152-plane order is a strategic investment for Cebu Pacific, aimed at expanding its network and strengthening its position in the region.
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