Aboitiz InfraCapital owns and operates the Mactan-Cebu International Airport.

BlackRock will buy 40% of Aboitiz Equity Ventures’ privately held infrastructure unit, bolstering Aboitiz InfraCapital’s financial muscle as it steps up spending to modernize the country’s infrastructure.

Global Infrastructure Partners (GIP), BlackRock’s wholly owned unit, and Aboitiz Equity are in “the process of finalizing a strategic partnership,” the Philippine conglomerate said in a statement, without disclosing the amount of the potential sale.

GIP, which was acquired by BlackRock in October, has over $183 billion in assets under........

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