GMR Airports International BV (GAIBV), a subsidiary of GMR Infrastructure, has reached an agreement with Aboitiz InfraCapital (AIC) to divest shares of GMR-Megawide Cebu Airport Corporation (GMCAC), Business Standard reported.  

A joint venture (JV) of GAIBV and Philippines-based Megawide Construction Corporation (MCC), GMCAC is the developer and operator of the Mactan Cebu International Airport (MCIA) in the Philippines.

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According to the agreement, GMCAC will issue primary shares and transfer secondary shares from MCC and GAIBV worth PHP9.5bn ($166bn) to AIC.

The deal also includes the issuance of Exchangeable Notes by Megawide and GAIBV worth PHP7.75bn ($136m) each, for a total of PHP15.5bn ($272m).

Maturing on 30 October 2024, these notes will be ‘exchanged by AIC for the remaining 66 and 2/3% plus one share of GMCAC’s outstanding capital stock.’

The deal will be carried out at an enterprise value of PHP49.7bn ($875m), with GAIBV securing PHP9.4bn ($165m) upfront.

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Part of Aboitiz Group, AIC is engaged in developing water facilities, digital infrastructure, as well as transport and mobility projects.

The completion of the transaction awaits regulatory clearance in the Philippines.

In November last year, GMR Airports won the bid to develop Kualanamu International Airport (KNO) in Medan, Indonesia.

GMR Airports will work alongside Angkasa Pura 2 for this project, on a 49:51 partnership basis, with an aim to transform the airport into the country’s western international hub.