The world’s largest asset manager, BlackRock, has announced an agreement to acquire Global Infrastructure Partners (GIP) for about $12.5 billion in cash and stock.
GIP is the world’s largest independent infrastructure manager with over $100 billion in Assets under management (AUM) owned by Nigerian businessman, Bayo Ogunlesi.
The deal is expected to close by the third quarter (Q3) of 2024 and is reportedly BlackRock’s largest deal in more than a decade.
BlackRock said it will also appoint Ogunlesi to the board at the next scheduled board meeting after the close of the deal.
“The combination of GIP with BlackRock’s highly complementary infrastructure offerings creates a comprehensive global infrastructure franchise with differentiated origination and asset management capabilities,” the firm said.
BlackRock said GIP’s acquisition aligns with the vision of Laurence Fink, its chairman and chief executive officer (CEO), to transform the firm into a key player in the growing market for private and alternative assets.
According to the statement, BlackRock is to pay $3 billion cash and $9.5 billion in shares (about 12 million shares) for GIP’s $100 billion infrastructure portfolio.
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