BlackRock, Inc. (NYSE: BLK) and Global Infrastructure Partners
(“GIP”) announce the successful completion of BlackRock’s
acquisition of GIP. The combination creates an industry leader in
infrastructure across equity, debt and solutions – providing a
diverse range of infrastructure sector expertise and exposure
across developed and emerging markets. The combined infrastructure
platform will be branded Global Infrastructure Partners (GIP), a
part of BlackRock. GIP will continue to be led by Bayo Ogunlesi and
the Office of the Chairman. With approximately $170 billion in AUM,
the platform will field a 600-person strong global team that
manages a diversified portfolio of more than 300 active investments
with operations in over 100 countries. With this combination,
BlackRock consolidates over $100 billion of private markets AUM,
and approximately $750 million of run rate management fees,
boosting private markets AUM by approximately 40% and expanding run
rate revenues.
“Infrastructure represents a generational investment
opportunity. Through the combination of BlackRock and GIP, we are
well positioned to capitalize on the long-term structural trends
that will continue to drive the growth of infrastructure and
deliver superior investment opportunities for clients globally,”
said Laurence D. Fink, BlackRock Chairman and CEO. “We are thrilled
to welcome Bayo and the talented GIP team to BlackRock and look
forward to providing our clients this combined depth and bench of
infrastructure investment expertise.”
“We are excited to embark on this new chapter as Global
Infrastructure Partners (GIP), a part of BlackRock, with the goal
of creating the premier global infrastructure investing firm,” said
Bayo Ogunlesi, Global Infrastructure Partners’ Chairman and Chief
Executive Officer. “The combination of our institutional
intellectual capital, investing and business improvement
capabilities, global footprint, corporate and government
relationships will allow us to deliver attractive investments for
our investors and innovative solutions for our customers.”
BlackRock plans to appoint Bayo Ogunlesi to its Board of
Directors at the next regularly scheduled Board meeting.
Perella Weinberg Partners served as lead financial advisor to
BlackRock, with Skadden, Arps, Slate, Meagher & Flom and Fried,
Frank, Harris, Shriver & Jacobsen LLP acting as legal counsel.
Evercore served as lead financial advisor and Kirkland & Ellis
LLP and Debevoise & Plimpton LLP acted as legal counsel to
GIP.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate.
Special Note Regarding Forward-Looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
BlackRock’s future financial or business performance, strategies or
expectations. Forward-looking statements are typically identified
by words or phrases such as “trend,” “potential,” “opportunity,”
“pipeline,” “believe,” “comfortable,” “expect,” “anticipate,”
“current,” “intention,” “estimate,” “position,” “assume,”
“outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,”
“achieve,” and similar expressions, or future or conditional verbs
such as “will,” “would,” “should,” “could,” “may” and similar
expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time and may contain information that is not purely historical in
nature. Such information may include, among other things,
projections and forecasts. There is no guarantee that any forecasts
made will come to pass. Forward-looking statements speak only as of
the date they are made, and BlackRock assumes no duty to and does
not undertake to update forward-looking statements. Actual results
could differ materially from those anticipated in forward-looking
statements and future results could differ materially from
historical performance.
BlackRock has previously disclosed risk factors in its SEC
reports. These risk factors and those identified elsewhere in this
press release, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance and include: (1) the introduction, withdrawal, success
and timing of business initiatives and strategies; (2) changes and
volatility in political, economic or industry conditions, the
interest rate environment, foreign exchange rates or financial and
capital markets, which could result in changes in demand for
products or services or in the value of assets under management;
(3) the relative and absolute investment performance of BlackRock’s
investment products; (4) BlackRock’s ability to develop new
products and services that address client preferences; (5) the
impact of increased competition; (6) the impact of future
acquisitions or divestitures, including BlackRock’s proposed
acquisition of Preqin Holding Limited (“Preqin” and together with
GIP, the “Transactions”); (7) BlackRock’s ability to integrate
acquired businesses successfully, including GIP and Preqin; (8)
risks related to the Transactions, including the expected closing
date of Preqin, the possibility that Preqin does not close,
including, but not limited to, due to the failure to satisfy
closing conditions, the possibility that expected synergies and
value creation from either of the Transactions will not be
realized, or will not be realized within the expected time period,
and impacts to business and operational relationships related to
disruptions, from the Transactions; (9) the unfavorable resolution
of legal proceedings; (10) the extent and timing of any share
repurchases; (11) the impact, extent and timing of technological
changes and the adequacy of intellectual property, data,
information and cybersecurity protection; (12) the failure to
effectively manage the development and use of artificial
intelligence; (13) attempts to circumvent BlackRock’s operational
control environment or the potential for human error in connection
with BlackRock’s operational systems; (14) the impact of
legislative and regulatory actions and reforms, regulatory,
supervisory or enforcement actions of government agencies and
governmental scrutiny relating to BlackRock; (15) changes in law
and policy and uncertainty pending any such changes; (16) any
failure to effectively manage conflicts of interest; (17) damage to
BlackRock’s reputation; (18) increasing focus from stakeholders
regarding environmental, social and governance matters; (19)
geopolitical unrest, terrorist activities, civil or international
hostilities, and other events outside BlackRock’s control,
including wars, natural disasters and health crises, which may
adversely affect the general economy, domestic and local financial
and capital markets, specific industries or BlackRock; (20)
climate-related risks to BlackRock’s business, products, operations
and clients; (21) the ability to attract, train and retain highly
qualified and diverse professionals; (22) fluctuations in the
carrying value of BlackRock’s economic investments; (23) the impact
of changes to tax legislation, including income, payroll and
transaction taxes, and taxation on products, which could affect the
value proposition to clients and, generally, the tax position of
BlackRock; (24) BlackRock’s success in negotiating distribution
arrangements and maintaining distribution channels for its
products; (25) the failure by key third-party providers of
BlackRock to fulfill their obligations to BlackRock; (26)
operational, technological and regulatory risks associated with
BlackRock’s major technology partnerships; (27) any disruption to
the operations of third parties whose functions are integral to
BlackRock’s exchange-traded funds platform; (28) the impact of
BlackRock electing to provide support to its products from time to
time and any potential liabilities related to securities lending or
other indemnification obligations; and (29) the impact of problems,
instability or failure of other financial institutions or the
failure or negative performance of products offered by other
financial institutions.
BlackRock’s Annual Report on Form 10–K and BlackRock’s
subsequent filings with the SEC discuss these factors in more
detail and identify additional factors that can affect
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240930165403/en/
BlackRock Media Relations Ed Sweeney 646-231-0268
Ed.Sweeney@BlackRock.com
BlackRock Investor Relations Caroline Rodda 212-810-3442
Caroline.Rodda@BlackRock.com
Global Infrastructure Partners (GIP) Media Relations
Mustafa Riffat 646-216-7788 Mustafa.Riffat@global-infra.com
BlackRock (NYSE:BLK)
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