BlackRock has agreed to acquire Global Infrastructure Partners, a New York City-based infrastructure fund manager, in a $12.5 billion cash-and-stock deal.
The GIP management team, led by Bayo Ogunlesi and four of its founding partners, will lead the combined infrastructure platform. BlackRock has also agreed to appoint Bayo Ogunlesi, GIP founding partner, chairman and CEO to the board at the next regularly scheduled board meeting following the closing of the transaction.
“Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy,” said Laurence D. Fink, BlackRock chairman and CEO in a statement. “We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritize self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors. Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects.”
The transaction is expected to close in the third quarter of 2024.
GIP has over $100 billion in assets under management
