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BlackRock buys infrastructure investor Global Infrastructure Partners for $12 billion

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BlackRock, the world’s biggest asset manager, announced Friday it is buying Global Infrastructure Partners for about $12 billion in cash and stock.

The acquisition is part of the firm’s increased focus on infrastructure, which CEO Larry Fink said is “one of the most exciting long-term investment opportunities.” As part of the deal, GIP’s management team will lead a combined infrastructure private markets investment platform at BlackRock.

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