The Philippine Competition Commission (PCC) has given the green light to a joint venture between Ayala Corp. and EMIF II Holding III B.V. (EMIF II SPV). 

The antitrust body said Wednesday it reviewed three markets that could be affected by the deal: domestic and international freight forwarding, nationwide contract logistics, and container liner shipping for sea freight forwarders. It also considered input from the companies, industry experts, and regulators. 

After its review, the PCC concluded that the deal is unlikely to reduce competition. EMIF II SPV will buy about 40 percent of Ayala’s logistics arm, AC Logistics Holdings Corp.

“Domestic and international freight forwarding markets remain highly fragmented, with customers commonly engaging multiple service providers,” the PCC said. 

With the approval, Ayala and EMIF II SPV can now move forward with their joint venture, which the agency said could help strengthen local logistics services. 

The PCC added that it will continue to ensure that mergers support fair and efficient markets for businesses and consumers.

EMIF II SPV is part of A.P. Møller Capital P/S, a fund that focuses on transport, logistics, and energy transition.

Meanwhile, AC Logistics owns Air 21 Holdings, which runs companies such as LGC Logistics Inc., Cargohaus Inc., U‑Freight Philippines Inc., and U‑Ocean Inc. These companies provide domestic and international freight forwarding, contract logistics, and warehousing services.