MEGAWIDE Construction Corp. (Megawide) and GMR Airports International B.V. (GAIBV) have closed a transaction with Aboitiz InfraCapital Inc. (AIC) for the acquisition of shares in GMR Megawide Cebu Airport Corp. (GMCAC), the developer and operator of the award-winning Mactan-Cebu International Airport.AIC acquired a 33.33 percent minus one share stake in GMCAC from Megawide and GAIBV for a total consideration of P9.5 billion.Megawide and GAIBV simultaneously issued exchangeable notes to AIC amounting to P15.5 billion, which will mature on Oct. 30, 2024 and are expected to be exchanged by AIC for the remaining 66.66 percent plus one share of GMCAC's outstanding capital stock.'We are excited to finally consummate this transaction that will clear the way for GMCAC's next chapter, as well as accelerate the firm's long-term growth aspirations. We are also looking forward to unlocking more opportunities with this venture as we continuously re-engineer our portfolio toward achieving a First-World Philippines,' Megawide Chairman and Chief Executive Officer Edgar Saavedra said.Megawide declared it is strengthening its portfolio toward more cycle-resilient, scalable and higher growth segments as the company initially bared its intention to build several transit-centric developments in key locations across the country and ride the information technology wave through its foray into data centers.It plans to replicate its transformative value-creation model in other sectors, particularly in transport, social and digital infrastructure spaces, by modernizing and innovating systems and structures that will help jumpstart the Philippines' recovery and ascendancy in the next normal.