Aboitiz InfraCapital, Inc., agreed to acquire GMR-Megawide Cebu Airport Corporation from Megawide Construction Corporation and GMR Airports International B.V. Aboitiz InfraCapital, Inc., agreed to acquire GMR-Megawide Cebu Airport Corporation from Megawide Construction Corporation and GMR Airports International B.V.
September 01, 2022
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Aboitiz InfraCapital, Inc., agreed to acquire GMR-Megawide Cebu Airport Corporation from Megawide Construction Corporation (PSE:MWIDE) and GMR Airports International B.V. on September 2, 2022. The Board of Directors of MWIDE approved the Agreement on the same date as the Execution Date. Subject to the fulfillment of the conditions precedent under the Agreement, the following would occur on Closing Date (which is approximately 105 days from the Execution Date) The agreement involves GMCACÃs issuance of primary shares and the transfer of secondary shares from Megawide and GAIBV to AIC. The transaction is subject to the satisfaction of customary closing conditions including requisite third party and regulatory approvals. As of December 16, 2022, Aboitiz InfraCapital acquired a 33 and 1/3% minus 1 share stake in GMR-Megawide Cebu Airport from Megawide Construction and GMR Airports International for a total consideration of PHP 9.5 billion. In addition, Megawide Construction and GMR Airports International simultaneously issued exchangeable Notes to Aboitiz InfraCapital to PHP 15.5 billion, which will mature on October 30, 2024, and are expected to be exchanged by Aboitiz InfraCapital for the remaining 66 and 2/3% plus 1 share of GMR-Megawide Cebu Airport's outstanding capital stock.
BDO Capital & Investment Corp. acted as financial advisor, Romulo Mabanta Buenaventura Sayoc & De los Angeles acted as legal advisor and Shardul Amarchand Mangaldas & Co acted as legal advisor to GMR Airports International B.V. and Megawide Construction Corporation (PSE:MWIDE). Alphaprimus Advisors Inc. acted as financial advisor to Aboitiz InfraCapital, Inc. and Gulapa Law acted as legal advisor to Aboitiz InfraCapital, Inc.
Megawide Construction Corporation is engaged in the general construction business. The Company's business includes constructing, enlarging, repairing, or engaging in any work on buildings, houses and condominiums, roads, plants, bridges, piers, waterworks, railroads and other structures. Its segments include Construction Operations, Landport Operations, and Real Estate Operations. The Construction Operations segment relates to the general construction business, including constructing and sale of precast items and concrete production and rental of construction equipment. The Landport Operations segment relates to the development and implementation of the PITX Project. It also performs other allied construction businesses, such as construction and sale of precast items, concrete production, and purchase sale and/or lease of formworks system and construction equipment. The Real Estate Operations segment relates to buying, selling, leasing, developing and managing real estate properties.
Aboitiz InfraCapital, Inc., agreed to acquire GMR-Megawide Cebu Airport Corporation from Megawide Construction Corporation and GMR Airports International B.V. Aboitiz InfraCapital, Inc., agreed to acquire GMR-Megawide Cebu Airport Corporation from Megawide Construction Corporation and GMR Airports International B.V.