AC Logistics completes acquisition of 60% share in Air21

MANILA, Philippines — The Ayala Group, through its logistics arm AC Logistics Holdings Corp., has completed its acquisition of a 60 percent interest in Air21 Holdings Inc. for P6.06 billion, beefing up its footprint in the e-commerce and logistics space.

Ayala Corp. told the local bourse yesterday that AC Logistics and businessman Alberto Lina have reached financial close for the acquisition, with the parties concluding the transaction by signing the closing documents.

An investment agreement which governed the terms of the acquisition, subject to satisfaction of certain conditions precedent, was signed by the parties in November last year.

Air21 Holdings has controlling interests in eight operating companies that include Airfreight 2100 Inc., Air 2100 Inc., U-Freight Philippines Inc., U-Ocean Inc., Cargohaus Inc., LGC Logistics Inc., Waste & Resources Management Inc. and Integrated Waste Management Inc.

The addition of the Air21 Group to the AC Logistics portfolio, together with Entrego, is expected to create synergies that can potentially generate greater operational efficiency and more efficient asset utilization.

Ayala said the combination of their respective capabilities puts the group in a better position to provide technology driven end-to-end logistics services that can help address some of the challenges related to pharma and healthcare aides access, food preservation, and proper waste management.

“AC Logistics is a realization of Ayala’s commitment to create shared value with our stakeholders. I have full confidence that the vision we created together with Mr. Lina will come to life through our teams’ shared experiences and unique expertise.” AC Logistics president and CEO Rene Almendras said.

Lina, chairman of Air21 Holdings, said his group is excited to partner with the AC Logistics team to grow to greater heights in the future.

“From our decades of service excellence in the logistics industry, the Lina Group has nurtured a family of talented and resilient experts who are committed to deliver delight to our loyal customers,” he said.

The Ayala group’s logistics journey commenced in 2018 when it launched Entrego Fulfillment Solutions Inc.

It has since expanded from last mile delivery to domestic freight forwarding, contract logistics, and warehouse operations.

Ayala said the acquisition of Air21 Holdings provides the group with a more robust capability to provide logistics services across the entire supply chain, including door-to-door express delivery, multiple types of warehouse operations, management, and digitization, international and domestic freight forwarding, and waste management services.

Backed by Air21 group’s decades of comprehensive experience in logistics and Ayala’s proven leadership and management expertise, AC Logistics is taking a strong stance in providing customers with effective and sustainable end-to-end logistics services across the value chain.