Cebu Pacific acquires AirSWIFT
On 7 October 2024, Cebu Pacific Air announced that it has signed an agreement with ALI Capital Corp. to take-over 100% of the shares of AirSWIFT. Cebu Pacific said that…
October 7, 2024
On 7 October 2024, Cebu Pacific Air announced that it has signed an agreement with ALI Capital Corp. to take-over 100% of the shares of AirSWIFT. Cebu Pacific said that there will be no change in AirSWIFT’s flight schedules and services following the acquisition, but that both companies will work closely on “operational focus and efficiencies”.
Cebu Pacific operates 61 A320 Family aircraft on its extensive regional network, and last week placed a firm order with Airbus for 70 A321neo aircraft. Cebu Pacific had earlier explained that it is “always on the lookout for opportunities to grow and expand its network, including partnerships with other parties.”
Originally founded as Island Transvoyager in 2002, the airline was acquired by ALI Capital Corp (a subsidiary of resort operator Ayala Land) in 2012 and rebranded as AirSWIFT in 2015. AirSWIFT is a boutique airline operating scheduled flights from Manila Ninoy Aquino International and Angeles City Clark International to El Nido in northern Palawan, and from El Nido to other major tourist destinations including Busuanga, Caticlan, Cebu, and Panglao, using a fleet of two ATR42-600s and three ATR72-600s.
Alfonso Javier Reyes, the President of ALI Capital said that: “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.”
Cebu Pacific is already an ATR-operator, with its Cebgo subsidiary reportedly operating five ATR72-500s, two -500(F)s, and fifteen ATR72-600s on scheduled flights throughout the Philippines.
Cebu Pacific said that boards of directors of both companies have already approved the transaction, and that the deal will be finalised by the end of this year, or early next year, subject to regulator approval.
