BlackRock to acquire GIP

Ashkenaz A.L.
12 January, 2024

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Multi-billion dollar US fund manager BlackRock has agreed to acquire Global Infrastructure Partners (GIP) in a cash and stock deal.

GIP is one of the world's largest independent infrastructure managers with over $100 billion in AUM.

BlackRock will acquire 100% of the business and assets of GIP for a total consideration of:

  • $3 billion (£2.36bn €2.74bn) in cash
  • approximately 12 million shares of BlackRock common stock

Approximately 30% of the total consideration, all in stock, will be deferred and is expected to be issued in approximately five years, subject to the satisfaction of certain post-closing events.

BlackRock intends to fund the cash consideration through $3 billion of additional debt.

BlackRock has also agreed to appoint Bayo Ogunlesi, GIP founding partner, chairman and chief executive officer, to the board at the next regularly scheduled board meeting following the closing of the transaction.

The deal is expected to be modestly accretive to BlackRock's as-adjusted earnings per share and operating margin in the first full year post-close.

The transaction is expected to close in the third quarter of 2024 subject to customary regulatory approvals and other closing conditions.

Advisers on this transaction include:

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