BlackRock has agreed to acquire infrastructure investment fund company Global Infrastructure Partners (GIP) for about $12.5 billion, making it one of the top long-term investors in energy, transportation, and digital infrastructure. It is reported that BlackRock will pay $3 billion in cash and about 12 million shares of stock, worth about $9.5 billion based on Thursday's closing price. The transaction is expected to be completed in the third quarter.

Adebayo Ogunlesi, Chairman and CEO of GIP, will join BlackRock's Board of Directors and Global Executive Committee. The acquisition of GIP, which manages $100 billion, is BlackRock's largest deal in more than a decade and marks a crucial step for BlackRock CEO Fink to become an important player in the rapidly growing private equity and alternative asset markets.