BlackRock (BLK) has secured the US Federal Energy Regulatory Commission's approval for its planned acquisition of Global Infrastructure Partners, or GIP, the regulator said Friday.
The deal was announced in January, under which BlackRock would pay $3 billion in cash and issue about 12 million common BlackRock shares to acquire GIP.
In its Friday decision statement, the regulator said it has reviewed the proposed transaction and approved it "consistent with the public interest." Federal Energy Regulatory Commissioner Mark Christie issued a statement the same day to concur with the approval, noting that "public utilities are not typical for-profit, shareholder-owned companies."
BlackRock and Global Infrastructure Partners did not immediately respond to MT Newswires' requests for comments.
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