{"id":54628,"date":"2024-01-13T19:29:17","date_gmt":"2024-01-13T13:59:17","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=54628"},"modified":"2024-01-13T19:29:21","modified_gmt":"2024-01-13T13:59:21","slug":"london-gatwick-edinburg-bought-by-blackrock","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2024\/01\/13\/london-gatwick-edinburg-bought-by-blackrock\/","title":{"rendered":"London Gatwick and Edinburgh Bought by New York-based BlackRock for $12.5bn"},"content":{"rendered":"\n

NEW YORK-<\/strong> Edinburgh Airport (EDI)<\/a>, along with London Gatwick (LGW)<\/a> and several crucial ports, has been acquired by the world’s largest investor, BlackRock, in a substantial $12.5 billion deal.<\/p>\n\n\n\n

This transaction involves fund manager BlackRock purchasing Global Infrastructure Partners (GIP), which is the owner of Edinburgh and Gatwick, the second-largest airport in the UK, marking BlackRock’s most significant acquisition in a decade.<\/p>\n\n\n\n

\"Edinburgh
Photo: Edinburg Airport<\/figcaption><\/figure>\n\n\n\n

Gatwick and Edinburgh Acquired by BlackRock<\/h2>\n\n\n\n

Global Infrastructure Partners (GIP) oversees $100 billion worth of assets and gained control of the airport assets as part of the BAA breakup. Additionally, GIP holds a stake in Peel Ports, which owns assets in both Scotland and England.<\/p>\n\n\n\n

The deal with BlackRock, a powerhouse with assets totaling $10 trillion, includes a payment of $3 billion in cash and $9.5 billion in BlackRock stock.<\/p>\n\n\n\n

The combined annual revenues of Global Infrastructure Partners (GIP) portfolio companies amount to $75 billion, employing 115,000 individuals. <\/p>\n\n\n\n

GIP operates with 400 employees across 11 offices, in contrast to BlackRock’s larger scale, which boasts 20,000 employees. Both companies are headquartered in New York.<\/p>\n\n\n\n

\"Edinburgh
Photo: London Gatwick<\/figcaption><\/figure>\n\n\n\n

Getting Board Seats<\/h2>\n\n\n\n

Adebayo Ogunlesi, GIP’s Chairman and Chief Executive and a former executive at Credit Suisse, is set to join the BlackRock board. Ogunlesi, who founded GIP in 2006, previously served as an adviser to former US President Donald Trump.<\/p>\n\n\n\n

Another significant beneficiary of the deal is Michael McGhee, also a former Credit Suisse executive and co-founder of GIP. <\/p>\n\n\n\n

McGhee, currently an adviser to the Scottish government, played a key role in the transaction. GIP has also enlisted former UK Prime Minister Sir John Major as the chair of its advisory board.<\/p>\n\n\n\n

Following the acquisition, GIP management will take the helm of BlackRock’s expanded infrastructure business. Larry Fink, BlackRock’s 71-year-old Chairman, expressed enthusiasm about the long-term investment prospects in infrastructure, citing global economic shifts. <\/p>\n\n\n\n

Fink stated, “Infrastructure is one of the most exciting long-term investment opportunities as a number of structural shifts reshape the global economy. We believe the expansion of both physical and digital infrastructure will continue to accelerate as governments prioritize self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors.”<\/p>\n\n\n\n

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Singapore Airlines Announces New Flights to London Gatwick with A350<\/a><\/blockquote>