In a strategic move to capitalize on the growing domestic travel market, Cebu Pacific has acquired boutique airline AirSWIFT Transport Inc. for P1.75 billion. This acquisition is part of the airline's broader expansion plans, following a massive $24 billion order for 152 aircraft.
The acquisition of AirSWIFT from Ayala Land Inc. (ALI) Capital Corp. will add five turboprops to Cebu Pacific's fleet, including three ATR 72s and two ATR 42s. This will bolster the airline's capability to reach island destinations, including El Nido, Palawan, a new route for Cebu Pacific.
AirSWIFT's strong performance, with a record 355,458 passengers carried in 2023, was a major factor in Cebu Pacific's decision to acquire the airline. The acquisition is expected to provide a significant revenue boost for Cebu Pacific, potentially reaching billions of pesos.
For ALI Capital, the sale of AirSWIFT aligns with the Ayala Group's broader strategy to divest non-core assets. The Zobels, who control ALI Capital, expressed confidence in Cebu Pacific's ability to operate AirSWIFT efficiently and profitably.
The acquisition of AirSWIFT marks another successful collaboration between the Gokongwei and Zobel families, following the merger of BPI and Robinsons Bank Corp. While Cebu Pacific will take over AirSWIFT, ALI Capital will retain ownership of the Lio Airport in El Nido.
Cebu Pacific has no immediate plans to make significant changes to AirSWIFT's flight schedules or services. Travelers booked with AirSWIFT can expect to continue their flights without disruption.
The acquisition of AirSWIFT is a significant step forward for Cebu Pacific as it seeks to expand its domestic reach and solidify its position as the leading airline in the Philippines.
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