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The Philippine Competition Commission has cleared A.P. Møller’s purchase of a 40% stake in AC Logistics Holdings Corp.
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PCC said the transaction is unlikely to result in a substantial lessening of competition
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The assessment included the domestic and international freight forwarding markets, nationwide market for contract logistics, and provision of container liner shipping services to sea freight forwarders
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The anti-trust agency gave the greenlight on November 20, 2025 for the proposed joint venture between EMIF II Holding III B.V., an investment vehicle of Danish firm A.P. Møller Capital P/S, and Ayala Corp. through the acquisition of shares of AC Logistics
The Philippine Competition Commission (PCC) has cleared A.P. Møller’s purchase of a 40% stake in AC Logistics Holdings Corp.
In a statement, PCC said the “transaction is unlikely to result in a substantial lessening of competition given enough competitive constraints on the parties.”
The anti-trust agency gave the greenlight on November 20, 2025 for the joint venture between EMIF II Holding III B.V., an investment vehicle of Danish firm A.P. Møller Capital P/S, and Ayala Corp. through the acquisition of shares of AC Logistics.
The two companies signed an agreement in March 2025 for the sale, with the investment expected to boost operations of the five-year old AC Logistics.
READ: Ayala Corp sells 40% of AC Logistics to A.P. Moller
AC Logistics offers integrated solutions centered around cold chain, contract, cross border, and project logistics.
Its sole subsidiary, Air 21 Holdings, operates 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, PCC said its Mergers and Acquisitions Office evaluated the domestic and international freight forwarding markets, nationwide market for contract logistics, and the provision of container liner shipping services to sea freight forwarders.
It noted that “domestic and international freight forwarding markets remain highly fragmented, with customers commonly engaging multiple service providers” while the “contract logistics market is similarly competitive, driven by performance‑based tenders and differentiation in service quality and innovation.”
The anti-trust agency added: “The market for container liner shipping services is likewise 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,” it said.
Ayala Corp. and A.P. Møller Capital, in a joint statement in March last year, said their proposed collaboration will unite two organizations with complementary expertise and a common vision.
READ: AC Logistics sells back waste management firms to Lina Group
