Philippine low-cost carrier Cebu Pacific has signed a share purchase agreement (SPA) with ALI Capital to acquire 100% of AirSWIFT Transport for Php1.75 billion ($30 million). 

According to Cebu Pacific, the transaction has been approved by the Board of Directors of both companies.

The acquisition means Cebu Pacific will have an additional five turboprops from the boutique carrier, which was owned by Ayala Corporation, the Philippines’ oldest conglomerate under the Zobel de Ayala Filipino-Spanish family.

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