BlackRock Inc. to Acquire Global Infrastructure Partners in $12.5 Billion Deal

BlackRock Inc. to Acquire Global Infrastructure Partners in $12.5 Billion Deal
  • PublishedJanuary 16, 2024

In a significant acquisition deal, BlackRock Inc. is set to purchase Global Infrastructure Partners (GIP) for approximately $12.5 billion, marking a pivotal moment for both companies and their co-founder, Adebayo “Bayo” Ogunlesi. The acquisition of this $100 billion asset-management firm has propelled Ogunlesi’s net worth to an estimated $2.3 billion.

Global Infrastructure Partners, established in 2006, has been a major player in the global independent infrastructure fund management space. The company has successfully raised over $5 billion and boasts a portfolio of equity holdings with a combined annual revenue of over $80 billion. Focusing on sectors such as energy, transportation, digital infrastructure, water, and waste, GIP specializes in originating proprietary transactions, conducting extensive due diligence, structuring and closing investments, implementing best practice operating management, managing stakeholder relationships, and identifying exit opportunities.

Over its nearly two-decade history, GIP has acquired ownership of major airports, including London’s Gatwick and City airports and Edinburgh Airport in Scotland. The company has also invested in critical infrastructure assets like gas pipelines, power plants, offshore wind farms, and port operators.

Adebayo Ogunlesi, the CEO of GIP, is expected to hold a 17.5% stake in the firm following the acquisition, translating to a total fortune of approximately $2.3 billion. The $12.5 billion acquisition price will be distributed among GIP’s 27 other partners, with each partner’s stake exceeding $380 million.

Ogunlesi’s career trajectory includes earning an undergraduate degree from the University of Oxford in England and an MBA from Harvard University. Before transitioning from banking, he served as the head of Credit Suisse’s investment banking division. Additionally, Ogunlesi assumed the role of lead independent director at Goldman Sachs Group Inc. in 2014. However, with BlackRock Inc.’s acquisition of GIP, he is set to resign from Goldman Sachs.

Currently, Ogunlesi chairs President Joe Biden’s National Infrastructure Advisory Council and is a board member of Topgolf Callaway Brands Corp. The acquisition deal between BlackRock Inc. and GIP marks a significant moment in the world of asset management and infrastructure investment.

Stay tuned for further developments as BlackRock Inc. and Global Infrastructure Partners navigate this transformative acquisition.

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