The Philippine Competition Commission (PCC) has given the green light to a strategic joint venture between listed conglomerate Ayala Corp. and EMIF II Holding III B.V., clearing the latter’s acquisition of a roughly 40 percent stake in AC Logistics Holdings Corp.
EMIF II SPV is an investment vehicle of A.P. Møller Capital P/S, a global infrastructure fund manager with a sharp focus on transport, logistics, and the energy transition. Its entry brings heavyweight international expertise into Ayala’s fast-growing logistics arm—an alliance that analysts say could reshape how goods move across the archipelago.
A.P. Møller Capital is closely linked to the broader A.P. Møller Group, which includes shipping giant A.P. Moller–Maersk, one of the world’s largest logistics companies. Industry watchers said the partnership positions AC Logistics to scale faster, sharpen operational efficiency, and introduce global best practices in a market long plagued by high costs, congestion, and fragmented services.
From a competition standpoint, the PCC found little cause for concern. The regulator said the transaction is unlikely to result in a substantial lessening of competition, pointing to strong competitive constraints across the relevant markets.
Domestic and international freight forwarding remain highly fragmented, with customers typically spreading their shipments across multiple providers to manage cost and reliability.
The contract logistics segment was also deemed competitive, driven by performance-based tenders and differentiation in service quality, technology, and innovation.
Meanwhile, the container liner shipping market continues to be shaped by numerous global and regional carriers, as well as strong buyer power that limits any single player’s ability to restrict capacity or degrade service.
The PCC’s Mergers and Acquisitions Office reviewed potential impacts on domestic and international freight forwarding, nationwide contract logistics, and container liner shipping services to sea freight forwarders. Its assessment drew on submissions from the parties, feedback from industry stakeholders, and inputs from relevant sector regulators.
For Ayala, the deal deepens its ok push into logistics as a core growth pillar. For the broader economy, the partnership signals rising investor confidence—and a possible upgrade to the country’s long-troubled logistics backbone.
