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

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