Cebu Pacific acquires AirSWIFT for PHP 1.75 billion

AirSWIFT will maintain its existing flight schedules.

Courtesy: AirSWIFT

Expanding access to tourist destinations

Cebu Pacific has announced its domestic expansion with the PHP 1.75 billion acquisition of boutique airline AirSWIFT Transport Inc. from ALI Capital Corporation, a wholly owned subsidiary of Ayala Land, Inc.

Cebu Pacific continues to undertake measures to boost connectivity to various Philippine destinations while offering low fares, thus contributing to economic growth and tourism development goals, said Cebu Pacific President and Chief Commercial Officer Xander Lao.

The transaction, approved by the Boards of Directors of both Cebu Pacific and ALI Capital, enables both organizations to sharpen their focus on their core businesses.

Following the acquisition, AirSWIFT will maintain its existing flight schedules and services. The boutique airline operates flights from Manila and Clark to El Nido, Palawan, as well as inter-island routes from El Nido to Cebu, Boracay, Coron, and Bohol.

With this transaction, we are hopeful that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido, said ALI Capital President Alfonso Javier Reyes.

Once integrated, Cebu Pacific will add El Nido to its routes, widening its network and connectivity for domestic and international travelers.

What do you think guys?

Source: JG Summit Holdings