GIP, owner of Gatwick and Edinburgh airports, sold to US…

GIP, owner of Gatwick and Edinburgh airports, sold to US…

Global Infrastructure Partners (GIP), which owns about £79bn of companies including Gatwick airport and the Suez wastewater group, has been sold to the US investment firm BlackRock in a $12.5bn deal. The takeover will make BlackRock the world’s 2nd-largest infrastructure investor, behind Australia’s Macquarie group.  GIP was created in 2006, and has bought  crumbling assets in the energy, transport and water industries, before fixing them and selling them on at a good profit.  It now owns 40 companies generating more than $75bn in annual revenues.   In the UK, its portfolio includes Gatwick, where it is a minority shareholder behind Vinci; it owns Edinburgh airport, bought in 2012; a stake in Peel Ports, which owns seven ports, and Hornsea 1, the project to build the world’s largest offshore windfarm in the North Sea. GIP bought City airport for £760m in 2006, and sold it to a Canadian-led consortium for £2bn in 2016.  GIP’s bosses will now run BlackRock’s enlarged infrastructure business.  BlackRock hopes to capitalise on a global acceleration in government infrastructure spending, which it hopes will boost their domestic economies. . Tweet   Sale of UK assets to world’s largest money manager means huge payday for bankers Global Infrastructure Partners, whose portfolio includes Gatwick, sold to BlackRock in $12.5bn deal By Alex Lawson (Guardian) Fri 12 Jan 2024 From the humble luggage tray to filters that mask smells at sewage plants, the sale of some of Britain’s most pedestrian assets to the world’s largest money manager is to bring a multimillion-dollar payday to a small clutch of little-known bankers. Global Infrastructure Partners (GIP), which boasts a $100bn (£79bn) collection of companies including Gatwick airport and the Suez wastewater group, has been sold to the US investment firm BlackRock in a $12.5bn deal. GIP portfolio The price tag puts each of GIP’s founders and partners in line for a huge payday, nearly two decades after the New York-headquartered ports-to-pipes investor was formed. Five of the six founding partners, including the chief executive, Adebayo Ogunlesi, will join BlackRock as part of the deal. The takeover will make BlackRock the world’s second-largest infrastructure investor, behind Australia’s Macquarie group. GIP was devised by Ogunlesi, his fellow former Credit Suisse banker Matthew Harris and Bill Woodburn, a for

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