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 GMCACÆs 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.