F&S Holdings owned by the family of Michael Romero is in talks to acquire an incremental 15.7% stake in AirAsia Inc. d/b/a Philippines AirAsia (Z2, Manila Ninoy Aquino International) and take majority control of the LCC ahead of the planned IPO, the Philippine Daily Inquirer has reported.
Romero already holds a 44.4% stake in the carrier. It has been reported to be in talks with Antonio Cojuangco's vehicle TNR Holdings about the acquisition of its stake. The remaining 39.9% is owned by AirAsia Group.
While neither of the parties commented on the news, a deal is reportedly under final negotiations and likely to be concluded by the end of September 2019.
Romero, a Filipino MP and businessman with an estimated net worth of PHP7.8 billion pesos (USD150 million), is one of the LCC's co-founders. Earlier this year, he acquired a 15.7% stake held by fellow co-founder Marianne Hontiveros and a 13% stake held by Alfredo Yao.
The LCC is currently preparing for an IPO in which it aims to raise some USD200 million. While the IPO is planned for this year, AirAsia Group CEO Tony Fernandes recently said there was "no rush".
