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...GIP and CPP declined to comment, while Allete did not immediately respond to messages seeking comment....
...GIP is targeting $25bn for its latest infrastructure fund, while Blackstone has set a goal to manage more than $100bn in infrastructure....
...GIP chair Adebayo Ogunlesi and other founding partners will lead a combined infrastructure platform once BlackRock merges GIP with its own $50bn infrastructure business, BlackRock has said....
From Oliver Corlett, Glasgow, UK
...GIP owns 20.6 per cent and a consortium formed by CVC Capital has 20.7 per cent....
...BlackRock is an investor in some GIP funds, and the two have competed for deals....
...While GIP plans to go public with a small number of its positions, most bets will be kept private....
...Letter in response to this article: Why BlackRock’s GIP deal is a discouraging read / From Oliver Corlett, Glasgow, UK...
...The two sides are aiming to close the deal in the summer, but it is contingent on regulatory approvals and the go-ahead from the limited partners in GIP’s funds. GIP has no debt....
...GIP acquired UK waste management company Biffa in early 2008, only to see the financial crisis expose its vulnerability to competition and economic downturns....
...In the case of BlackRock, they came up with “Apple” for GIP. GIP reciprocated with “Banana” for BlackRock. So BlackRock was “Banana” and GIP was “Apple”....
...GIP received a concession....
...GIP’s prime assets include Sydney and London Gatwick airports, the Port of Melbourne and the Suez water group, extensive green energy holdings and a stake in a big shale oil pipeline....
...The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year....
...The bulk of the $12.5bn that BlackRock is paying for GIP will go to the latter’s six founders....
...It would have been even higher had GIP not retained valuable assets....
...Ogunlesi had built GIP in less than two decades into one of the standout firms in the lucrative private investment industry....
...Chief executive Larry Fink told employees in a memo announcing the shake-up and the GIP acquisition that “this bold and ambitious transformation of our firm positions us better than ever before to . . ....
...Tirzepatide is the first approved treatment that uses two agents, called dual agonists, including both GLP-1 and GIP....
...Had GIP insiders not retained sizable economic interests, it would have been worth more than $25bn, sources tell DD. Former Morgan Stanley banker Sadek Wahba’s I Squared Capital is worth billions....
...This year, Evercore has found its way into nearly every mega-deal in the US, including BlackRock’s $12.5bn acquisition of infrastructure investor GIP and Synopsys’s $35bn acquisition of Ansys....
...The acquisition of GIP, which has about $106bn in assets under management, would make BlackRock the world’s second-largest infrastructure manager after Macquarie and bolster the leadership of its alternatives...
...One listen to start: On the latest Behind the Money podcast, the FT’s US financial editor Brooke Masters and DD’s Antoine Gara explain why BlackRock’s Larry Fink decided to acquire GIP, and how this deal...
...Rejecting his previous employer’s offer to pay some of the fees, Klockenhoff — now head of drywall market management at building materials group Knauf Gips — opted to personally finance the €53,000 annual...
...Are the Nordics the new GIPS?...
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