PRESS RELEASE
7 January 2026

PCC clears EMIF II SPV-Ayala joint venture involving AC Logistics

The Philippine Competition Commission (PCC) cleared on November 20, 2025 the proposed joint venture between EMIF II Holding III B.V. (EMIF II SPV) and Ayala Corporation (Ayala), through EMIF II SPV’s acquisition of approximately 40 percent of the capital of AC Logistics Holdings Corporation (AC Logistics).

EMIF II SPV is an investment vehicle of A.P. Møller Capital P/S, an infrastructure fund manager focused on transport, logistics, and energy transition. AC Logistics is the logistics arm of Ayala. Its sole subsidiary, Air 21 Holdings, operates several companies such as LGC Logistics Inc., Cargohaus Inc., U‑Freight Philippines Inc., and U‑Ocean Inc. that provide international and domestic freight forwarding, contract logistics, and warehousing services.

As part of its review, the PCC’s Mergers and Acquisitions Office evaluated the relevant markets that may be affected by the transaction, namely: (i) domestic and international freight forwarding, (ii) the nationwide market for contract logistics, and (iii) the provision of container liner shipping services to sea freight forwarders. The assessment drew on information submitted by the parties and inputs from industry stakeholders and relevant regulators in the logistics sector.

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. Domestic and international freight forwarding markets remain highly fragmented, with customers commonly engaging multiple service providers. The contract logistics market is similarly competitive, driven by performance‑based tenders and differentiation in service quality and innovation. The market for container liner shipping services is characterized by the presence of numerous global and regional carriers and a strong buyer power, which effectively limits any ability or incentive to restrict capacity or degrade service.

The PCC continues to ensure that mergers and acquisitions support competitive markets and promote fair and efficient logistics services for businesses and consumers.

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REFERENCE:  
publicaffairs@phcc.gov.ph  
Public Affairs and Research Division
Communications and Knowledge Management Office
Philippine Competition Commission