The Philippine Competition Commission (PCC) has approved Ayala Corp.’s sale of a 40% stake in its logistics arm, AC Logistics.
The PCC said it cleared the transaction on 20 November 2025, according to a statement released on 7 January 2026.
Ayala Corp. is one of the Philippines’ largest conglomerates, with businesses spanning property, banking, telecommunications, energy, and infrastructure.
Ayala is selling the stake to EMIF II SPV, an investment vehicle of the Danish AP Moller Capital P/S, which is affiliated with AP Moller Holding.
The PCC said its review found no competition concerns in domestic and international freight forwarding, contract logistics nationwide, and container liner shipping services used by sea freight forwarders.
“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 commission said.
