Cebu Pacific Acquires AirSWIFT Transport for $30 million

Cebu Pacific has signed a share purchase agreement (SPA) with ALI Capital to acquire 100% of AirSWIFT Transport for Php1.75 billion ($30 million). The transaction has received approval from the boards of directors of both companies.

With this acquisition, Cebu Pacific will add five turboprop aircraft from the boutique carrier, which was previously owned by Ayala Corporation, the Philippines’ oldest conglomerate. AirSWIFT operates in the leisure domestic market, providing flights between popular resort destinations such as El Nido, Palawan, and Boracay, with a fleet comprising three ATR 72s and two ATR 42s.

Cebu Pacific has confirmed that there will be no changes to AirSWIFT’s flight schedules or services following the signing of the SPA.

“Our investment in AirSWIFT has been a key enabler in the growth of El Nido as a world-class tourist destination. With this transaction, we hope that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido,” stated Alfonso Javier Reyes, President of ALI Capital.

Once the integration is complete, Cebu Pacific plans to include El Nido in its routes, enhancing its network for both domestic and international travelers. Currently, the airline serves 35 domestic and 26 international destinations.

“Cebu Pacific continues to undertake measures to boost connectivity to various Philippine destinations while offering low fares, thus contributing to economic growth and tourism development goals,” said Xander Lao, President and Chief Commercial Officer of Cebu Pacific. He added, “We are excited to play our part in increasing accessibility to local destinations renowned for having some of the best beaches in the world.”

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