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SM Investments Corp. (SMIC) has completed the acquisition of more shares in AIC Group of Companies Holding Corp. (Airspeed), making the logistics service provider a subsidiary
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SMIC on August 25 finalized the cash purchase of 10 million common shares of Airspeed for P40.58 per share or a total of P405.813 million
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SMIC’s outstanding voting capital stock in Airspeed is now 51% from the previous 35%
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SMIC said the transaction increases its “exposure to the high-growth logistics sector”
SM Investments Corp. (SMIC) invested an additional P405.8 million in AIC Group of Companies Holding Corp. (Airspeed), completing the acquisition of 16% more shares in the logistics company.
SMIC on August 25 finalized the cash purchase of 10 million common shares of Airspeed for P40.58 per share or a total of P405.813 million, the conglomerate said in a regulatory disclosure. The “amount was based on a valuation multiple at par with the industry average,” it said.
This increased SMIC’s outstanding voting capital stock in Airspeed from 35% to 51%, making Airspeed a subsidiary.
READ: SM takes control of Airspeed
SMIC said the transaction increases its “exposure to the high-growth logistics sector.”
“The addition of Airspeed is aligned with SMIC’s portfolio investments strategy and is value accretive to SMIC,” the company said.
SMIC initially bought shares in Airspeed in 2018 as it expanded its portfolio in logistics.
In 2017, the conglomerate acquired shares in logistics service provider 2GO Group, Inc., which became SMIC’s subsidiary in 2021.
“Our partnership with SMIC is based on the same vision and values we have in building businesses, so we can be sustainable; which will later have impact in building communities and lives we support,” Airspeed founder and chairperson Rosemarie Rafael earlier said in a statement sent to PortCalls.
“By working together and combining the values we have (in logistics), we will be able to reach and connect to more businesses and MSMEs,” she added.
Airspeed is an end-to-end logistics solutions and express courier company that has been in the industry for over 35 years.
It is the parent company of several logistics firms such as Airspeed International Corp., ASP Airspeed Philippines, Inc.; ASX Airspeed Express, Inc.; Amazing Philippines Digital Economy Corp., and the property firm, AGC Properties, Inc.
Airspeed provides freight solutions management that offers a wide range of transport options via air, sea or land. Airspeed also has capabilities to do customized logistics, warehousing and distribution, and customs clearance. – Roumina Pablo
