Deals
BlackRock to Buy First Reserve’s Energy Infrastructure Funds
- Asset manager gains $3.7 billion in two First Reserve funds
- Florian’s global team to join BlackRock when deal is completed
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BlackRock Inc., the world’s biggest asset manager, agreed to buy two First Reserve Corp. energy-infrastructure funds that oversee $3.7 billion in capital.
The 37 people who work on the funds, led by Mark Florian, will join BlackRock when the deal is completed, the New York-based buyer said Wednesday in a statement that didn’t disclose terms. The transaction will boost to $14 billion the amount of BlackRock client assets in its infrastructure platform. The company said the deal is expected to be completed by the middle of the year.