Blackrock, Inc. · NYSE:BLK
Blackrock — Merger or Acquisition (January 2024)
13 slides from Blackrock's merger presentation, Jan 12, 2024
Slide 1: Acquisition of Global Infrastructure Partners (GIP)
Acquisition of Global Infrastructure Partners (GIP) Exhibit 99.4 Investor Presentation January 12, 2024
Slide 2: Forward looking statements
Forward looking statements This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations, inc
Slide 3: A transformational opportunity
Talent, alignment and retention Premier infrastructure investment team globally GIP founders to lead overall combined infrastructure platform ~75% of total transaction consideration paid in BLK stock to optimize long-term shareholder alignment Significant retention from existing GIP carry, owned 100
Slide 4: Infrastructure is forecasted to be one of the fastest-growing segments of private markets
Infrastructure is forecasted to be one of the fastest-growing segments of private markets 2017 2022 2027 Energy Telecom & digital Transport Water 23 7 40 5 Investment Needs 2022-2040 cumulative infrastructure investment & needs, $T 16% CAGR Note: For footnoted information, refer to slide 11. 10% CAG
Slide 5: Global Infrastructure Partners overview
Global Infrastructure Partners overview Highly diversified infrastructure investment platform – complementary to BlackRock Transport Energy Water / Waste Digital Proprietary sourcing of blue-chip deals6 Australian airport Asia renewables platform Global water / waste provider U.S. data center platfo
Slide 6: BlackRock's existing infrastructure platform
BlackRock’s existing infrastructure platform Equity & Securities Debt Solutions $50B+ infrastructure client assets1 Key highlights 200+ investment professionals $240M+ revenue in 2023 300+ clients globally 46% of commitments over $250 million Platform overview2 Infrastructure Debt Diversified
Slide 7: Combination creates second-largest global infrastructure private markets business
Client Assets $150B+ $100B+ Combination creates second-largest global infrastructure private markets business Infrastructure Equity & Securities Debt Solutions Significant scaled infrastructure platform1… Note: For footnoted information, refer to slide 12. $50B+ #14 by client assets2 #3 by cli
Slide 8: Opportunities for significant value creation via growth
Opportunities for significant value creation via growth Proprietary origination Scaled capital base Larger transactions Capital formation Strong business fit Fixed cost scale Brings together deep network of relationships with global corporates and public sectors Strong track records across both firm
Slide 9: Compelling value for BlackRock shareholders
Compelling value for BlackRock shareholders Consideration1 $3 billion of cash delivered at closing, funded by incremental debt BlackRock is currently rated AA- with S&P2 and Aa3 with Moody’s2 This transaction is not expected to meaningfully change its leverage profile Approximately 12 million shares
Slide 10: Compelling value for BlackRock shareholders (cont'd)
Compelling value for BlackRock shareholders (cont’d) Governance Modestly accretive to as-adjusted EPS in first full year post-close2 Modestly accretive to as-adjusted operating margin in first full year post-close2 Accretive to long-term organic asset and base fee growth2 Estimated 15% IRR, well in
Slide 11: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 3 – A transformational opportunity: BlackRock to acquire GIP for $3B cash and approximately 12M BlackRock shares Source: Preqin. Ranking based on aggregate capital raised via closed-end commingled funds over
Slide 12: End notes (cont'd)
End notes (cont’d) These notes refer to the financial metrics and/or defined term presented on: Slide 7 – Combination creates second-largest global infrastructure private markets business Source: BlackRock and GIP. BlackRock client assets as of December 31, 2023 and GIP client assets as of September
Slide 13: Important notes
Important notes The opinions expressed herein are as of January 2024 and are subject to change at any time due to changes in the market, the economic or regulatory environment or for other reasons. The information should not be construed as research or relied upon in making investment decisions or b