BlackRock’s $12.5 Billion Acquisition Approved

(Reuters) – The U.S. Federal Energy Regulatory Commission on Friday approved BlackRock (NYSE:BLK)’s $12.5 billion deal for Global Infrastructure Partners.

Under the deal, which was announced earlier this year, BlackRock stated it would pay $3 billion in cash and approximately 12 million shares of BlackRock to acquire the asset management giant.

Both BlackRock and Global Infrastructure Partners declined to comment on the deal.

Last year, a member of the U.S. energy regulator called for scrutiny over the ownership of power utilities by top asset managers as the oversight body began a review. Commissioner Mark Christie emphasized that the commission must apply “strict scrutiny” when major asset managers like Vanguard, State Street (NYSE:STT), or BlackRock are purchasing significant portions of utility companies or their holding companies.

Global Infrastructure Partners is an infrastructure investor focused on investing, owning, and operating assets across energy, transportation, digital infrastructure, and water and waste management sectors.