Skadden, Fried Frank, Kirkland and Debevoise have all taken lead advisory roles as BlackRock announced on Friday (12 January) that it will buy Global Infrastructure Partners (GIP) for an eye-watering $12.5bn. The transaction will give BlackRock a total of $150bn in infrastructure assets, rocketing it to the top tier of infra funds.
The transaction sees BlackRock acquire 100% of GIP’s business and assets, which include Gatwick, London City, and Edinburgh airports as well as the Port of Melbourne and a raft of LNG assets around the world. The total deal value includes $3bn in cash and 12 million in BlackRock shares, with around 30% of the total consideration deferred, expected to be issued in approximately five years ‘subject to the satisfaction of certain post-closing events’.
