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.

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