CEB buys AirSwift in expansion binge
The acquisition opens the door to adding El Nido to its routes, boosting connectivity and offering growth opportunities for local businesses and communities in key tourist areas
Daily TribuneThe acquisition opens the door to adding El Nido to its routes, boosting connectivity and offering growth opportunities for local businesses and communities in key tourist areas
Cebu Pacific’s (CEB) latest move could soon make flights to the island of El Nido, Palawan, more affordable.
The Gokongwei-led budget airline formally acquired AirSwift Transport Inc., previously owned by the Ayala Group, under a P1.75 billion share purchase agreement (SPA) yesterday.
The deal, signed by CEB and ALI Capital, received board approval from both parties.
For CEB, the acquisition opens the door to adding El Nido to its routes, boosting connectivity and offering growth opportunities for local businesses and communities in key tourist areas.
The boutique airline, which operates flights from Manila and Clark to El Nido, as well as from El Nido to top tourist spots like Cebu, Boracay, Coron and Bohol, will soon be integrated into CEB’s expanding network.
Leveraging airline strength
The airline aims to leverage its operational strength to provide more cost-effective flight options and enhanced accessibility to travelers.
“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,” CEB president and chief commercial officer Xander Lao said in a statement.
El Nido more accessible
With CEB’s operational efficiency and commitment to low-cost travel, the future looks bright for both El Nido and the growing number of tourists eager to experience its unspoiled beauty.
ALI Capital president Alfonso Javier Reyes echoed this optimism.
“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 are hopeful that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido,” Reyes said.
Despite the change in ownership, AirSWIFT’s current flight schedules and services will remain unchanged for the time being.
CEB, known for operating one of the youngest fleets globally, has built a strong presence with its fleet of nine Airbus 330s, 40 Airbus 320s, 23 Airbus 321s and 15 ATR turboprop aircraft.
The airline currently serves 35 domestic and 26 international destinations, and the AirSwift acquisition is set to further strengthen its already extensive network.