10:22 AM EDT, 10/01/2024 (MT Newswires) -- BlackRock ( BLK ) has completed its acquisition of Global Infrastructure Partners, the companies said Tuesday.

The companies previously announced that the transaction was valued at $3 billion in cash and 12 million BlackRock ( BLK ) shares.

The combined infrastructure platform will be called Global Infrastructure Partners, a part of BlackRock ( BLK ), they said.

BlackRock ( BLK ) consolidates more than $100 billion of private markets assets under management and about $750 million of run rate management fees with this combination, they added.

Shares of BlackRock ( BLK ) fell 1.9% in recent trading.

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