Aboitiz Equity Ventures (AEV)—controlled by tycoon Sabin Aboitiz and his family—is raising 13.7 billion pesos ($233 million) from the sale of a 40% stake in its infrastructure arm to a unit of U.S. private equity giant Blackrock.

Under the deal, which is subject to regulatory approvals, Blackrock’s Global Infrastructure Partners will purchase primary and secondary shares of Aboitiz InfraCapital (AIC), AEV said in a statement. The publicly-listed conglomerate of the Aboitiz family flagged the potential sale in July.

“GlP brings deep global expertise across energy, transport, digital infrastructure, and utilities, which will strengthen AIC’s ability to scale, deliver........

© Forbes