Cebu Pacific buys regional carrier AirSWIFT in Ps1.75b deal

Cebu Pacific has acquired regional compatriot AirSWIFT in a deal worth Ps1.75b ($30.8m). The acquisition – the subject of speculation in recent months – will see Cebu Pacific enter into a share purchase agreement with AirSWIFT parent company Ayala Land for 100% shareholding of the regional operator. Cebu Pacific did not disclose a timeline for the acquisition, but notes that there will no changes to AirSWIFT’s operating schedules once the deal is completed. AirSWIFT is a “boutique carrier that caters to the domestic leisure travel market”. It operates a fleet of four ATR turboprops – comprising two ATR 72-600s and two ATR 42-600s – to tourist spots like El Nido, Boracay and Bohol. “Following its purchase, Cebu Pacific will eventually add El Nido to its routes, widening its network which will contribute to growth opportunities, and leveraging its operational expertise to be able to offer more cost-effective options for its growing customer base,” says Cebu Pacific. The airline in July confirmed reports it was in discussion with Ayala Land over a possible acquisition, but stressed there was nothing firm yet.<br/>