BlackRock is buying Global Infrastructure Partners for $12.5 billion. The agreement will be a record for the investment giant. Bloomberg reports this.
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Global Infrastructure Partners (GIP) specializes in investments in infrastructure, such as energy , transportation, water supply and waste management.
BlackRock will pay $3 billion in cash and stock worth about $9.5 billion. The deal is expected to close in the third quarter.
The acquisition of GIP, which manages $100 billion, is BlackRock's largest agreement in more than a decade.
