ABOITIZ Equity Ventures Inc. (AEV) said Thursday that the Philippine Competition Commission (PCC) had cleared the entry of Global Infrastructure Partners (GIP), a unit of BlackRock Inc., into its infrastructure business.
In a disclosure, AEV said it received a certificate from the PCC on June 11 clearing the transaction involving the company, infrastructure arm Aboitiz InfraCapital Inc. (AIC) and GIP through GIP EM Onyx Pte. Ltd.
The clearance fulfills one of the conditions required for the closing of the deal, under which GIP will acquire a 40-percent ownership interest in AIC.
“The PCC’s clearance is one of the closing conditions for the transaction. The parties are in the process of completing the other closing conditions for the transaction,” AEV said.
The agreement was first announced in December 2025, when AEV and AIC signed a share subscription and purchase agreement with GIP.
Aside from PCC clearance, the transaction remains subject to other closing conditions, including the approval of AIC’s increase in authorized capital stock by the Securities and Exchange Commission and the fulfillment of certain warranties, undertakings and covenants.
GIP will acquire 1.15 billion common shares and 1.41 billion redeemable preferred shares, equivalent to a 40-percent equity stake, for a total consideration of about P13.71 billion.
Of the amount, P4.65 billion will be paid directly to AIC while the remaining balance will go to AEV.
AEV said the transaction was intended to bring in a strategic investor with extensive experience in infrastructure investments across transport, energy, water, and digital assets.
The company added that GIP’s participation would strengthen AIC’s infrastructure platform by providing access to institutional expertise, global best practices, and additional resources for future growth.
AIC holds a diversified portfolio of infrastructure assets in the Philippines, including airport operations, bulk water distribution and telecommunications towers.
AEV shares on Thursday slipped P0.50, or 1.56 percent, to close at P31.50 each.
