Cebu Pacific is in Talks to Acquire AirSwift
Cebu Pacific is currently in exploratory talks with Ayala Land Inc. regarding the potential acquisition of the latter’s AirSwift. The Gokongwei-owned airline issued the statement on Monday following a report on the supposed acquisition on the Philippine Star.
The news clarification attached to a disclosure acknowledged the discussions but emphasized that no definitive agreement has been reached.
“Cebu Pacific is always on the lookout for opportunities to grow and expand its network, including partnership with other parties,” the company said. “We confirm that Cebu Pacific is currently engaged in exploratory talks with Ayala Land Inc. but nothing definitive has been agreed upon."
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A boutique airline under the Ayala Group, AirSwift operates a small fleet of turboprop planes that fly mostly to popular tourist island destinations, including El Nido, Cebu, Boracay, and Bohol, among others.
“Cebu Pacific’s track record of success means other businesses do prefer partnering with Cebu Pacific when it comes to aviation initiatives,” the Gokongwei-owned airline said. “Should any opportunity move from a proposal to a firm business undertaking, we will make the proper disclosures. We also endeavor that whatever business proposals we carefully evaluate, we never let it become a distraction to our core business.”
Cebu Pacific, the country’s largest budget carrier, operates a diversified commercial fleet that includes eight Airbus 330s, 39 Airbus 320s, and 21 Airbus 321s, and 15 turboprops. It acquired Tigerair Philippines in 2024 and later rebranded it to Cebgo, which now serves local destinations.
Last month, the company signed a memorandum of understanding (MOU) with Airbus for the purchase of as much as 152 Airbus A321 new engine option (Neo) jets. The deal is valued at $24 billion or about P1.4 trillion based on list prices and is reportedly the largest aircraft order in Philippine aviation history.
The memo encompasses firm orders for up to 102 A321neo aircraft, with an option to purchase an additional 50 A320neo family jets.
Cebu Pacific operates a diversified commercial fleet that includes eight Airbus 330s, 39 Airbus 320s, and 21 Airbus 321s, and 15 turboprops. It flies to 35 domestic and 25 international destinations across Asia, Australia, and the Middle East.
After suffering from heavy losses during and immediately after the pandemic, Cebu Air Inc. reported profits in 2023 owing to a surge in revenues thanks to stronger passenger demand. Operating income was at P8.6 billion while a net income was P7.9 billion, on the back of P90.6 billion in revenues, a 60-percent growth.
This also isn’t the first large-scale transaction between the Gokongwei and Ayala conglomerates. Earlier this year, the merger between Robinsons Bank and BPI finally took effect, with the Gokongwei Group-controlled bank owning about six percent of the Ayala-owned bank.
