Cebu Pacific believes that an acquisition of compatriot AirSWIFT would give it access to “very attractive markets” as discussions over a deal continue.
The Philippine low-cost carrier confirmed in a stock exchange statement on 22 July that it is in talks with ATR operator AirSWIFT’s owner Ayala Land over a potential acquisition.
Speaking to FlightGlobal at Farnborough air show on the same day, Cebu Pacific chief financial officer Mark Cezar said: “It’s a nice niche operation – a turboprop operator in the Philippines [with] access to some very attractive markets.”
Indeed, Cezar says AirSWIFT could “perfectly complement” Cebu Pacific’s own ATR operations.
“We’re looking at it, discussions are still happening, but nothing confirmed yet,” he states.
“It’s normal course of business. We get approached with all sorts of opportunities for organic and inorganic growth.”
AirSWIFT operates a fleet of five ATRs on domestic services from its bases at Manila’s Ninoy Aquino International airport and El Nido airport.
Cebu Pacific was in Farnborough for a ceremony to mark its recently announced memorandum of understanding for the purchase of up to 152 Airbus A321neos.
It has around 17 passenger ATRs in its fleet but is seeking to sell its two ATR freighters.
