New York, January 14, 2024 – In a move that promises to reshape the global infrastructure landscape, BlackRock, the world’s largest asset manager, has agreed to acquire Global Infrastructure Partners (GIP) for a staggering $12.5 billion.
GIP, a leading infrastructure investor under the leadership of Adebayo Ogunlesi, boasts a robust portfolio of energy, transport, digital, and water assets, including Gatwick Airport, London City Airport, and the Ruby Pipeline. This strategic acquisition significantly elevates BlackRock’s presence in the rapidly growing private and alternative assets market.
The deal, expected to close in Q3 2024, involves $3 billion in cash and approximately 12 million BlackRock shares valued at $9.5 billion. Ogunlesi, a visionary leader in the infrastructure space, will join BlackRock’s board and global executive committee, ensuring continuity and expertise in steering the combined entity.
This transformative transaction marks BlackRock’s largest since 2009, highlighting its ambitions in the face of a projected $15 trillion global infrastructure spending gap by 2030. The partnership leverages BlackRock’s financial muscle with GIP’s proven track record, creating a powerhouse positioned to drive innovation and sustainability in infrastructure development.
Ogunlesi’s influence extends beyond the boardroom. He, along with four founding partners, will play a pivotal role in ensuring a smooth integration, maximizing synergies while minimizing disruption. His leadership and GIP’s legacy in infrastructure expertise are invaluable assets to the newly formed entity.
The BlackRock-GIP alliance holds immense promise for the future. It stands to democratize access to infrastructure investments, drive innovation, and prioritize sustainability in a sector crucial for global economic growth. With Ogunlesi’s vision and BlackRock’s backing, this partnership sets the stage for a more connected and sustainable world.