CEBU Pacific on Monday said that it had signed a share purchase agreement with an Ayala Group unit to fully acquire boutique airline AirSWIFT for P1.75 billion.
The deal with ALI Capital Corp., analysts said, is an indication that the airline is looking to expand beyond being known as a low-cost carrier.China Bank Capital Corp. Managing Director Juan Paolo Colet said the purchase 'fits Cebu Pacific 's expansion plans as the acquisition will enable the company to gain a bigger share of the promising leisure travel market.
With the AirSWIFT acquisition and $24 billion in aircraft orders from Airbus, Cebu Pacific is positioning itself for future growth, he added.Cebu Pacific President and Chief Commercial Officer Xander Lao has said that the airline is continuing to 'undertake measures to boost connectivity to various Philippine destinations while offering low fares, thus contributing to economic growth and tourism development goals.
Pacific Buys Airswift For P1.75B
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