THE Philippine Competition Commission (PCC) has cleared a proposed joint venture between EMIF II Holding III B.V. (EMIF II SPV) and Ayala Corp. where the former would acquire approximately 40 percent of AC Logistics Holdings Corp.
EMIF II Holding is an investment vehicle of Dutch infrastructure manager A.P. Moller Capital P/S.
In a Nov. 20, 2025 decision that was disclosed only on Wednesday, the antitrust body said the transaction would not lead to a substantial lessening of competition due to the presence of substantial competitive constraints.
Both parties signed an agreement in March 2025 for the sale of the AC Logistics stake to EMIF II, with the fresh investment seen boosting the operations of the Ayala Group’s logistics arm.
AC Logistics provides end-to-end supply chain solutions, including air and sea freight forwarding, warehousing, cold storage, national distribution, project cargo, customs brokerage and specialized waste management. It also holds Air 21 Holdings, LGC Logistics, Cargohaus, U Freight Philippines and U Ocean.
EMIF II parent A.P. Moller, meanwhile, is focused on transport, logistics and energy transition.
Following an evaluation of the markets that could be affected by the transaction, the PCC’s Mergers and Acquisition Office concluded that domestic and international freight forwarding markets remained highly fragmented, with customers commonly engaging multiple service providers.
It added that in the contract logistics market, competition was driven by performance‑based tenders and differentiation in service quality and innovation.
It further noted that the market for container liner shipping services remained characterized by the presence of numerous global and regional carriers and strong buyer power, which effectively limits any ability or incentive to restrict capacity or degrade service.
The commission said it would continue to ensure that mergers and acquisitions support competitive markets, and promote fair and efficient logistics services for businesses and consumers.
The PCC’s assessment drew on information submitted by the parties and inputs from industry stakeholders and relevant regulators in the logistics sector.
Ayala Corp. shares on Wednesday rose P7.00, or 1.46 percent, to P487.60 each, outperforming a weaker broader market, with the benchmark Philippine Stock Exchange index ending the day down 0.41 percent.
