WASHINGTON (dpa-AFX) - Asset management major BlackRock, Inc. (BLK) Friday
announced that it has agreed to acquire Global Infrastructure Partners or GIP
for a total cash consideration of $3 billion and around $12 million worth of
BlackRock common stock.

BlackRock said it believes the acquisition to be complementary and hopes to
deliver holistic infrastructure expertise across equity, debt, and solutions to
its clients.

GIP is an infrastructure investor and has over $100 billion in assets under
management including over 40 portfolio companies that generate more than $75
billion in annual revenue.

Under the agreement terms, the stock consideration which is around 30 percent of
the whole transaction will be deferred and is expected to be issued in
approximately five years.

The cash consideration of the deal is to be funded by additional debt.

BlackRock anticipates the deal to be modestly accretive to its adjusted earnings
per share and operating margin in the first full year after the close of the
transaction.

The deal is expected to close in the third quarter of 2024.

In pre-market activity, BlackRock shares are trading at $788.50, down 0.90% on
the New York Stock Exchange.



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