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BlackRock will buy GIP for $12.5 billion to heavily bet on investment opportunities in the infrastructure sector
BlackRock, the world's largest fund management company, agreed to acquire infrastructure investment fund company Global Infrastructure Partners (GIP) for approximately $12.5 billion, thereby becoming one of the top long-term investors in energy, transportation and digital infrastructure. BlackRock will pay out $3 billion in cash and about 12 million shares worth around $9.5 billion at Thursday's closing level. The deal is expected to close in the third quarter. GIP Chairman and CEO Adebayo Ogunlesi will join BlackRock's Board of Directors and Global Executive Committee
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