Larry Fink, chief executive officer of BlackRock Inc., gestures while speaking at the Handelsblatt Banking Summit in Frankfurt, Germany, on Wednesday, Sept. 4, 2019.
Alex Kraus | Bloomberg | Getty Images
BlackRock, the world’s biggest asset manager, announced Friday it is buying Global Infrastructure Partners for about $12 billion in cash and stock.
The acquisition is part of the firm’s increased focus on infrastructure, which CEO Larry Fink said is “one of the most exciting long-term investment opportunities.” As part of the deal, GIP’s management team will lead a combined infrastructure private markets investment platform at BlackRock.
The deal is expected to close in the third quarter of this year.
BlackRock also announcing it will embed its ETF and Index businesses across the entire firm with the creation of a new strategic Global Product Solutions business.
“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,” said Bayo Ogunlesi, GIP CEO.
The firm also creating a new International Business structure that will unify its leadership across Europe, Middle East, India and Asia Pacific.
Read More: World News | Entertainment News | Celeb News
CNBC
