Investment giant BlackRock has agreed to buy investment house Global Infrastructure Partners for $12.5bn in cash and share options.
GIP has over $100bn of assets under management in industries including energy, transport, water, waste and digital technology. It has invested in offshore wind projects, as well as renewable energy platforms including Clearway, Eolian and Vena.
The acquisition is due to close in the third quarter of 2024.
Larry Fink, chairman and chief executive at BlackRock, said the deal would support its growth in the infrastructure sector: “GIP’s deep understanding of the factors and forces driving operational efficiency for long-term value creation have made them a global leader in infrastructure investing. Bringing these two firms together will create the infrastructure platform to deliver best-in-class investment opportunities for clients globally, and we couldn’t be more excited about the opportunities ahead of us.”
Adebayo Ogunlesi, founding partner and chairman at GIP, said: “This platform is set to be the preeminent, one-stop infrastructure solutions provider for global corporates and the public sector, mobilizing long-term private capital through long-standing firm relationships.”