The world’s largest investment fund Black Rockannounced its purchase this Friday Global Infrastructure Partners (GIP) To 12.5 billion dollars (about 11.4 billion euros). what will happen big operation in ten years The planet’s largest asset manager will become Blackrock third largest shareholder Nature and with it the large ‘owner’ of Spanish energy companies, with a presence in almost all markets activity branches of the sector.
The American manager became the first shareholder of Repsol with 5,475 percent of its capital and the second shareholder of Iberdrola with 5,395 percent of its capital. Qatar sovereign wealth fund (QIA, English abbreviation) has 8.694%. It is also a major shareholder of two energy infrastructure operators, both gas and electricity. In the case of Enagalar It owns 5,422% (3,960% in shares and 1,462% in financial instruments). SEPI and Amancio Ortega, with 5% each and RediaWith 4.995%, in this case it is behind SEPI with 20% and the founder of Inditex, which has 5%.
If the operation announced on Friday comes to fruition, this presence in the oil (Repsol), electricity (Iberdrola) and infrastructure (Enagás and Redeia) sectors will be added to its entry into Spain’s first gas company, Naturgy, in which GIP is also involved. 20.6% of the capital is left behind Criteria (26.7%), La Caixa holding company and CVC (20.4%) and ahead of the Australian IFM fund (14%).
Currently GIP has a manager at Naturgy and works in this position Lucy Chadwick. So Blackrock must also have the following rights: sit on the board of directors of the gas company. But unlike GIP, which is committed to a strategy, short term profitability divests its positions and the fund it manages Larry Fink Characterized by having a passive existence without interfering directly to decide It is among the companies in which he is present.
Without knowing Blackrock’s plans, shortage of shares in circulation Naturgy’s listing on the stock exchange (‘free float’) makes it difficult for any of the major funds to do so dispose of in the company without affecting the price. In February 2022, Naturgy’s board announced a split into two companies, one with liberalized assets and the other with regulated assets. facilitate the sale of relevant sharesbut the war destroyed the so-called ‘Gemini project’.
Operating in 35 countries, Blackrock came to Spain in 1994 and is already The largest international manager in the country, with total 42,000 million euros in assets under management in June 2022, according to Inverco data collected on the fund’s website. It is of great importance beyond its role in the energy sector in Spanish banking is the first shareholder of Banco Santander with 5,426% of its capital and BBVA, with 5.917% of the capital. It owns 3.965% of its capital. Sabadell Bank.
infrastructure era
HE GIP infrastructure fund It manages $100,000 million and its assets are as notable as its airports. Gatwick in the port of London, Sydney and also Melbourne, in Australia. There are also strategic assets under management. Suez canal and shale pipelines (oil coming out of that rock). Blackrock calls the operation “one of the most interesting long-term investment opportunities” “amid a series of structural changes reshaping the global economy.”
“We believe that expansion of physical and digital infrastructure It will continue to accelerate as governments prioritize self-sufficiency and security by increasing domestic industrial capacity, energy independence, and offshoring or offshoring critical sectors. Policymakers have just begun to implement unique financial incentives for new technologies and infrastructure projects,” said Blackrock President and CEO. Larry Fink in a statement following the announcement.