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Marcos adviser strikes deal to take over Philippines' Cebu airport

Contractor Megawide and Indian partner GMR to sell asset to Aboitiz Group

Mactan Cebu International Airport on the central island of Cebu is one of the Philippines' busiest airports. (Photo courtesy of GMR Megawide Cebu Airport Corp.)

MANILA -- A conglomerate led by an adviser to new Philippine President Ferdinand Marcos Jr. is making a 25 billion peso ($440 million) takeover of one of the country's busiest airports.

Aboitiz Group on Friday struck a deal to buy into GMR Megawide Cebu Airport Corp., the developer and operator of Mactan Cebu International Airport on the central island of Cebu, a popular tourist destination and commercial hub.

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