BlackRock, Inc. (NYSE: BLK) and Global Infrastructure Partners (“GIP”) announce the successful completion of BlackRock’s acquisition of GIP. The combination creates an industry leader in infrastructure across equity, debt and solutions – providing a diverse range of infrastructure sector expertise and exposure across developed and emerging markets. The combined infrastructure platform will be branded Global Infrastructure Partners (GIP), a part of BlackRock. GIP will continue to be led by Bayo Ogunlesi and the Office of the Chairman. With approximately $170 billion in AUM, the platform will field a 600-person strong global team that manages a diversified portfolio of more than 300 active investments with operations in over 100 countries. With this combination, BlackRock consolidates over $100 billion of private markets AUM, and approximately $750 million of run rate management fees, boosting private markets AUM by approximately 40% and expanding run rate revenues.
“Infrastructure represents a generational investment opportunity. Through the combination of BlackRock and GIP, we are well positioned to capitalize on the long-term structural trends that will continue to drive the growth of infrastructure and deliver superior investment opportunities for clients globally,” said Laurence D. Fink, BlackRock Chairman and CEO. “We are thrilled to welcome Bayo and the talented GIP team to BlackRock and look forward to providing our clients this combined depth and bench of infrastructure investment expertise.”
“We are excited to embark on this new chapter as Global Infrastructure Partners (GIP), a part of BlackRock, with the goal of creating the premier global infrastructure investing firm,” said Bayo Ogunlesi, Global Infrastructure Partners’ Chairman and Chief Executive Officer. “The combination of our institutional intellectual capital, investing and business improvement capabilities, global footprint, corporate and government relationships will allow us to deliver attractive investments for our investors and innovative solutions for our customers.”
BlackRock plans to appoint Bayo Ogunlesi to its Board of Directors at the next regularly scheduled Board meeting.
Perella Weinberg Partners served as lead financial advisor to BlackRock, with Skadden, Arps, Slate, Meagher & Flom and Fried, Frank, Harris, Shriver & Jacobsen LLP acting as legal counsel. Evercore served as lead financial advisor and Kirkland & Ellis LLP and Debevoise & Plimpton LLP acted as legal counsel to GIP.
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