GMR Airports to sell stake in Mactan Cebu International Airport to Aboitiz

GMR Airports International said that it has entered into an agreement to sell its stake in the Mactan Cebu International Airport in Lapu-Lapu City, Cebu in the Philippines to Aboitiz InfraCapital for INR 1389.9 crores.

The deal involves GMR Airports’ stake in GMR Megawide Cebu Airport Corporation (GMCAC), which is a joint venture between the company’s stepdown subsidiary GMR Airports International BV (GAIBV) and Megawide Construction Corporation (MCC).

GMR Airports to sell stake in Mactan Cebu International Airport to Aboitiz InfraCapital. Photo courtesy of Matt Kieffer/Wikipedia.org.

In this connection, definitive agreements were signed by GMR Airports International, GMR Megawide Cebu Airport Corporation, and Megawide Construction Corporation with Aboitiz InfraCapital Inc (AIC). The agreements will enable Aboitiz InfraCapital to acquire shares in GMR Megawide Cebu Airport Corporation.