A.P. Moller Capital and Ayala Corporation (Ayala) announced today, July 8, 2026, the completion of 40 percent acquisition by A.P. Moller Capital – Emerging Markets Infrastructure Fund Il in AC Logistics Holdings Corporation (AC Logistics), strengthening Ayala Group’s ambition as an integrated logistics provider in the Philippines.
The completed transaction followed AC Logistics’ earlier successful acquisition of an 84 percent stake in Glacier Megafridge, Inc. (GMI), strengthening its cold chain platform.
“The completion of these transactions marks a transformative step in building a leading integrated logistics platform in the Philippines. Together with A.P. Moller Capital and GMI, we are augmenting our scale, enhancing our capabilities, and expanding our reach across the country. These enable us to provide customers with seamless access to a more comprehensive and interconnected network of logistics nodes across the Philippines,” said AC Logistics President and CEO Erry Hardianto.
In a joint announcement, the two parties said the transaction was completed following the satisfaction of the closing conditions of the transaction, including merger control clearances, A.P. Moller Capital – Emerging Markets Infrastructure Fund II, through EMIF Il Holding III B.V., has completed its strategic investment for a 40 percent stake in AC Logistics.
The partnership combines A.P. Moller Capital’s global transportation and logistics expertise and operational capabilities, with Ayala’s deep local market knowledge, relationships, and track record of building businesses in the Philippines.
A.P. Moller Capital’s investment and strategic partnership with AC Logistics will support the company’s next phase of growth through the expansion of its nationwide footprint and capacity, enhancement of service offerings across key logistics segments, strengthening of operational capabilities and service quality, and adoption of global best practices and connectivity.
Beyond capital, A.P. Moller Capital brings deep domain expertise in global transportation and logistics that will position AC Logistics strongly for growth across its four strategic pillars – cold chain, air cargo logistics, contract logistics and national distribution, and project cargo while enabling it to strengthen its services in key sectors, including food, agriculture, healthcare, pharmaceuticals, consumer goods, and retail.
Meantime, the addition of GMI enhances AC Logistics’ ability to serve demand for temperature-controlled logistics across food, agriculture, healthcare, and other sectors where reliability and temperature integrity are essential.
AC Logistics’ immediate focus will be on integrating GMl into its network and aligning operations and teams, while maintaining the strengths that have driven its success. The company’s priority is to unlock commercial synergies by leveraging its expanded scale, while taking a thoughtful and phased approach to broader integration.
“AC Logistics has built a strong position in the Philippine logistics market in a relatively short period of time. The country’s geography and growth outlook create a clear need for more efficient, resilient, and integrated supply chains. We see an opportunity to support AC Logistics and Ayala Corporation in scaling a platform that can deliver attractive, sustainable long-term growth, serving customers across key logistics segments, while contributing to the wider development of the sector in the Philippines,” said Lars Reno Jakobsen, Senior Partner at A.P. Moller Capital.
“This partnership reflects Ayala’s long-standing strategy of working with world-class companies to scale our businesses, strengthen execution, and serve customers better,” said Ayala Corporation President and CEO Cezar P. Consing.
PCC clearance
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.
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.
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.
PCC noted that 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.
