BIZ BUZZ: ‘Super consortium’ elated by BlackRock prospect
The six local conglomerates behind the Manila International Airport Consortium (MIAC)—which has a pending bid to transform Ninoy Aquino International Airport into a world-class airport —are in a mood to celebrate.
This after reports surfaced that New York-based BlackRock Inc., the world’s largest asset management company with some $9.42 trillion in assets as of June 2023, is all set to acquire their foreign partner Global Infrastructure Partners (GIP) for $12 billion.
The landmark deal is scheduled to close only by the third quarter of this year, but the partners feel they already have reason to be jubilant.
For them, the acquisition means that their bid, which is being evaluated against competition by the government, has acquired another layer of credibility and financial muscle.
If MIAC—backed by Aboitiz InfraCapital, Inc., AC Infrastructure Holdings Corp., Asia’s Emerging Dragon Corp., Alliance Global–Infracorp Development, Inc., Filinvest Development Corp., and JG Summit Infrastructure Holdings Corp.—wins the bid, BlackRock is expected to eventually play a big role.
After all, BlackRock forged the deal to acquire GIP precisely because it wanted to increase its exposure to infrastructure, with its CEO Larry Fink reported as saying that infrastructure was “one of the most exciting long-term investment opportunities.”
As to whether MIAC will indeed bag the contract to operate and upgrade the country’s primary gateway will now be up to the Marcos administration. Abangan! —Tina Arceo-Dumlao
Ayala fun run raises P6M
Thousands of participants took time off from their busy schedules to join the biggest running event in Metro Manila last week, which was organized by Ayala Foundation to support its education programs for disadvantaged students.
The tACbo run, which kicks off the series of events marking Ayala’s 190th anniversary, was a major success, having raised at least P6 million, the country’s oldest conglomerate said.
The proceeds—P1 million of which came from the Ayala Multi-Purpose Cooperative—will be used to support the foundation’s various education initiatives. These include the Center of Excellence in Public Elementary Education, one of Ayala’s longest running education programs.
During the event, funds were ceremonially presented by Ayala Corp. chair Jaime Augusto Zobel de Ayala and Ayala Foundation chair Fernando Zobel de Ayala to foundation vice chair Jaime Z. Urquijo and Ayala Foundation president Tony Lambino.
“We are so happy that we have all run a few kilometers with them today, as we wish them the very best on their journeys,” Lambino said to the student beneficiaries present during the event. —Miguel R. Camus INQ
