(Reuters) – BlackRock announced on Friday the purchase of asset manager Global Infrastructure Partners (GIP) for $12.5 billion (11.4 billion euros) and reported an 8% increase in profit adjusted in the fourth quarter.
The global asset management giant has indicated that it will pay three billion dollars in cash and offer around 12 million of its shares for the purchase of GIP which will allow it to create an investment platform with more than 150 billion dollars of combined assets.
Founded in 2006, GIP manages approximately $100 billion in assets for its clients with a particular focus on energy, transportation, water and waste infrastructure and the digital sector.
In the fourth quarter, the rebound in financial markets allowed BlackRock to increase its assets under management to 10,001 billion dollars, compared to 8,590 billion a year earlier.
Adjusted profit reached $1.45 billion (€1.32 billion), or $9.66 per share, compared to $1.36 billion ($8.93 per share) a year earlier.
Analysts on average had expected earnings of $8.84 per share, according to LSEG data.
(Reporting by Jaiveer Singh Shekhawat in Bangalore, Augustin Turpin, edited by Blandine Hénault)
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