BlackRock, Inc. (NYSE: BLK) has announced the expected closing date for its acquisition of Global Infrastructure Partners (GIP) as October 1, 2024, subject to regulatory approvals and other customary closing conditions. The acquisition will be executed through a merger, and BlackRock will acquire all of the issued and outstanding limited liability company interest of GIP.
As a part of this transaction, BlackRock has also notified the New York Stock Exchange (NYSE) of its intention to voluntarily delist from the exchange and deregister its euro-denominated 1.250% notes due 2025. Following the closing of the GIP transaction, BlackRock will file for admission of the 2025 notes to the official list of the International Stock Exchange (TISE).
Additionally, in connection with the acquisition, BlackRock will convert its existing shares of common stock into shares of common stock of a wholly-owned subsidiary, New BlackRock. Following the merger, New BlackRock will become the publicly listed company under the name "BlackRock, Inc." and will retain the ticker symbol "BLK," with trading continuing uninterrupted on the NYSE.
This acquisition and the subsequent changes in the company's structure and listings mark significant developments for BlackRock as it continues its mission to help more people experience financial well-being and provide financial technology services to millions of investors.
These changes reflect a strategic move for BlackRock and will have implications for its financial reporting, stock performance, and regulatory filings. As the company moves forward with these changes, stakeholders will be closely monitoring the impact on its operations and financial standing. As a result of these announcements, the company's shares have moved 0.1% on the market, and are now trading at a price of $885.73. For the full picture, make sure to review BlackRock's 8-K report.
