US regulator approves BlackRock’s $12.5 billion deal for Global Infrastructure Partners By Reuters

(Reuters) – The U.S. Federal Energy Regulatory Commission on Friday approved BlackRock Inc.’s $12.5 billion deal to buy Global Infrastructure Partners.

Under the deal announced earlier this year, BlackRock said it would pay $3 billion in cash and about 12 million BlackRock shares to acquire the asset management giant.

BlackRock and Global Infrastructure Partners declined to comment.

Last year, a member of the U.S. Energy Regulatory Commission called for scrutiny of the ownership of major asset managers in electric utility companies, as the watchdog began the review.

Commissioner Mark Christie said the commission had to “apply rigorous scrutiny when it comes to a large asset manager like Vanguard or State Street (NYSE:) or BlackRock buys a large stake in either the utility company itself or its holding company.

Global Infrastructure Partners is an infrastructure investor specializing in investing, owning and operating assets in the energy, transportation, digital infrastructure, water and waste management sectors.