The Ayala Group has completed the acquisition of a 60-percent interest in logistics company AIR21 Holdings Inc. (AHI) for P6 billion.
On Tuesday, Ayala Corp. announced that its subsidiary AC Logistics Holdings Corp. had closed the transaction with AHI, a company founded by businessman and former Customs Commissioner Alberto Lina.
The deal was signed in November last year.
Under the transaction, Lina issued an exchangeable note to AC Logistics while the latter subscribed to 2.54 million primary shares in AHI.
AHI has controlling interests in Airfreight2100 Inc., Air2100 Inc., U-Freight Philippines Inc., U-Ocean Inc., Cargohaus Inc., LGC Logistics Inc., Waste and Resources Management Inc. and Integrated Waste Management Inc.
These firms are involved in door-to-door express delivery; international and domestic freight forwarding; warehouse operations, management and digitization; and waste logistics management.