MILAN – Black stone buys in private equity. The asset management giant announced the purchase
Global infrastructure partners, an international fund manager active in infrastructure, energy and water management and waste management. BlackRock will pay $3 billion in cash and about 12 million shares worth about $9.5 billion. The deal is expected to close in the third quarter. Bayo Ogunlesiformer managing director of Credit Suisse and president and CEO of GIP, will join BlackRock as a member of BlackRock’s Board of Directors and Executive Committee.
The acquisition of GIP, which manages $100 billion, is the company’s largest acquisition since the company was bought Barclays Global Investors in 2009. “The unprecedented need for new infrastructure – for digital, improved logistics hubs and decarbonisation and energy security – combined with government deficits means private capital will be needed like never before,” they said. Larry Fink AND Rob Kapito, CEO and president of BlackRock, in a memo to employees. “It’s going to be one of the fastest growing sectors of our industry over the next 10 years. The growth of our industry over the next 10 years.”
In Italy, Gip invested in Italo through its funds, then reduced its stake by selling 50% to MSC, Autostrada Pedemontana and Telecom Italia. The company also has a minority stake in London’s Gatwick Airport.