Insider - Associated Press & Peter A. Walker
World's largest asset manager significantly enlarges its infrastructure capabilities with latest deal
BlackRock is acquiring Global Infrastructure Partners (GIP) in a cash-and-stock deal valued at more than £9.43bn.
The deal, announced on Friday, includes £2.36bn in cash and approximately 12 million shares of BlackRock.
About 30% of the total consideration, all in stock, will be deferred and is expected to be issued in approximately five years.
GIP, which was founded in 2006, manages £78.6bn in client assets across infrastructure equity and debt, with a focus on energy, transport, water and waste and the digital sectors.
It owns Edinburgh and Gatwick airports, having bought them following the break up of BAA, alongside a significant stake in Peel Ports, which in turn owns Clydeport, among others.