PCC clears AP Møller entry into AC Logistics

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January 9, 2026 | 12:00am

MANILA, Philippines — The Philippine Competition Commission (PCC) has approved Danish infrastructure fund manager A.P. Møller Capital’s acquisition of a 40-percent stake in Ayala Corp.’s logistics business.

In a statement, the PCC said it cleared the sale of a 40-percent stake in AC Logistics Holdings Corp. to A.P. Møller Capital’s investment vehicle, EMIF II SPV.

A.P. Møller Capital is an infrastructure fund manager focused on transport, logistics and energy transition.

Meanwhile, AC Logistics, through subsidiary, Air 21 Holdings, operates several companies including LGC Logistics Inc., Cargohaus Inc., U?Freight Philippines Inc. and U?Ocean Inc., offering international and domestic freight forwarding, contract logistics and warehousing services.

“The PCC determined that the transaction is unlikely to result in a substantial lessening of competition due to the presence of substantial competitive constraints on the parties,” the PCC said.

As part of its review, the antitrust agency looked at how the transaction would affect domestic and international freight forwarding, contract logistics and container liner shipping services.

It also gathered inputs from industry stakeholders and relevant regulators in the logistics sector.

The PCC said  the domestic and international freight forwarding markets remain highly fragmented, with customers  tapping multiple service providers.

The antitrust agency also found that the contract logistics market is competitive, while there are numerous global and regional carriers providing container liner shipping services.

Under the Philippine Competition Act, the PCC is mandated to review mergers and acquisitions that meet thresholds to ensure the deals do not lead to a substantial reduction of competition in the relevant market.

“The PCC continues to ensure that mergers and acquisitions support competitive markets and promote fair and efficient logistics services for businesses and consumers,” the antitrust agency said.