BlackRock to Acquire Nigerian-Owned Global Infrastructure Partners in $12.5 Billion Mega Deal
January 12, 2024
The Honey Pot Inks $380 Million Deal With Compass Diversified
January 16, 2024
Adebayo Ogunlesi, the founder of Global Infrastructure Partners, has joined the ranks of billionaires following BlackRock, Inc.’s $12.5 billion acquisition of his company.
Bloomberg’s recent update revealed the substantial surge in Ogunlesi’s net worth. The deal, led by U.S. billionaire Larry Fink, is BlackRock’s largest deal in over 10 years. The BlackRock/GIP deal, consisting of $3 billion in cash and approximately 12 million shares of BlackRock common stock, valued at $9.5 billion, positions Ogunlesi among Africa’s wealthiest individuals.
Ogunlesi’s Ascension from GIP to Africa’s Top 20 Billionaires
With a 17.5-percent stake in GIP, Ogunlesi now stands as one of Africa’s top 20 billionaires. This achievement adds another chapter to his already distinguished career.
The Nigerian-born lawyer, investment banker, and businessman started his career as an attorney at the Cravath Swaine & Moore law firm in New York City. He also served as a law clerk to Associate Justice Thurgood Marshall of the U.S. Supreme Court between 1980 and 1981.
Later, in 1983, he joined the project finance group at First Boston, an investment bank, as an advisor, working on transactions worldwide. In 1997, he became the Head of the Global Energy Group at Credit Suisse.
RELATED POST: MEET THE BLACK FOUNDERS WHO’VE SCALED STARTUPS TO UNICORN STATUS
He then became the Global Head of its Investment Banking Division between 2002 and 2004, Member of the Executive Board and Management Committee (2002 – 2006), and Executive Vice Chairman and Chief Client Officer (2004 – 2006). Ogunlesi joined Goldman Sachs in 2012 as Director and became a Lead Director in 2014.
In 2006, he started GIP, which invests worldwide in infrastructure assets in the energy, transport, water, and waste industry sectors. Some of the assets GIP acquired while Ogunlesi was Chairman and Managing Partner between 2006 and 2018 were; bought London City Airpot (2006), acquiring a majority stake in London Gatwick Airport (2009), bought Edinburgh Airport (2012), and bought Nuovo Trasporto Viaggiatori (2018).
He has been a lecturer at the Harvard and Yale Law Schools and the Yale School of Management, where he taught courses on Transnational Investment Projects.
BlackRock’s deal will expand GIP’s Reach
The acquisition by BlackRock marks a significant milestone not only for Ogunlesi but also for GIP, which, under his guidance, diversified its portfolio into the transport sector, natural resources, and power generation.
The groundbreaking acquisition of London City Airport in 2006 and the successive fundraises of GIP’s journey have been remarkable.
The BlackRock deal, which will reportedly close in the third quarter of this year, will create a solid multi-asset class infrastructure platform with a clientele exceeding $150 billion.
As part of the deal, BlackRock has committed to appointing Ogunlesi to its Board at the next regularly scheduled meeting post-closing, emphasizing the recognition of his leadership and expertise. The GIP management team, including Ogunlesi and the four founding partners, will lead the combined platform, leveraging their investment and operational proficiency.
Closing Thoughts
The BlackRock-GIP deal signifies a transformative moment for Ogunlesi, cementing his status as a billionaire and positioning GIP as a powerhouse infrastructure platform.
Ogunlesi will also join the likes of Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu, and other Nigerian dollar-denominated billionaires.
