Flagright, a global leader in AI-powered Anti-Money Laundering (AML) and fraud prevention solutions, is excited to announce its latest customer, MUWE, a leading Mexican payment integration company. This collaboration represents a significant step in providing intelligent and secure payment solutions in the Latin American financial sector.

MUWE, known for its mission to accelerate the rotation in the financial sector, offers a range of innovative payment solutions. Their services include wire transfers, credit/debit card payments, and convenient cash payment options at over 30,000 payment points. With a vision of being the fastest and safest payment gateway in the market, MUWE's commitment to security and speed aligns seamlessly with Flagright's capabilities.

Nicolas Wang, Co-Founder of MUWE, shares his perspective: "Working with Flagright is a pivotal move for us in enhancing our payment security. As we are currently focused on clients who have a digital e-commerce presence, our value proposition is tailored customer service, competitive prices and protecting our clients from chargebacks and fraud attempts with the help of Flagright’s advanced AML compliance and fraud prevention technology." 

Flagright's cutting-edge AI technology and user-friendly, no-code interface will enable MUWE to integrate comprehensive compliance measures effortlessly, ensuring secure and compliant transactions across their diverse payment platforms. This partnership highlights both companies' dedication to improving the payment experience for customers while maintaining the highest security standards.

Baran Ozkan, co-founder and CEO of Flagright, commented, "We are thrilled to have MUWE as our new customer. Our collaboration is set to revolutionize payment security in the LATAM market. We look forward to supporting their innovative payment solutions with our robust security measures."

Adaptive, the experts in bespoke, electronic trading technology solutions, today announces its collaboration with ADS Securities LLC’s (ADSS) to deliver its flagship retail trading platform on the Cloud, designed and developed to enable higher throughput and resilience, delivered through an intuitive user interface available on desktop and mobile to a diverse user base.

ADSS, one of the largest leveraged brokers in the Middle East, approached Adaptive to build its front-end trading platform, risk management, order management and administration whilst it improved the backend and downstream systems.

Within a short timeframe, Adaptive built a new, proprietary trading platform, which runs 24/7 on the cloud, both on the web and with native mobile apps, making ADSS the first retail broker to operate exclusively on the cloud. Rapid development was aided through the use of Adaptive’s technology accelerators. Key features of the platform include:

•   24/7 availability: ADSS’ cloud-native infrastructure includes fault-tolerant Aeron® and Hydra technology to boost resilience and protect against outages.
•   High throughput, low latency: ADSS’s new infrastructure enables the firm to handle significant volumes at low latency while giving the broker the ability to scale – adding new features or asset classes as markets evolve.
•   Web and mobile interfaces: Adaptive designed and deployed native user interfaces for web and mobile – enabling users to seamlessly switch between the two.
•   A highly personalized platform: ADSS has a broad range of users – from trading novices to professionals. Adaptive therefore designed the platform to enable ADSS to leverage data on individual trading preferences to tailor the platform to suit individual trading styles.

Matt Barrett, CEO and co-founder of Adaptive, said: “In modern markets, differentiated trading solutions are vital to attract and retain customers. For brokers like ADSS, the technological challenge is vast – delivering low latency and managing high volumes across asset classes, managing vast swathes of data, and delivering a world-class user experience that enables clients to easily navigate deep and complex functionality. We are therefore proud of the proprietary cloud-based platform that we have delivered in collaboration with ADSS.”

Sophia Salim, Chief Technology Officer for ADSS, said: “In a competitive retail trading market, being able to serve progressively diverse and sophisticated audiences at scale has never been more essential. Owning a high-performance platform enables us to achieve this – setting our offering apart in its functionality, feel and performance, both now and into the future as our new cloud-based infrastructure allows us to grow and adapt with our clients’ changing needs. Being the first fully cloud-native retail broking platform means that we are able to keep our product at the leading edge as we establish a truly industry-defining offering.”

Adaptive was appointed as a long-term partner to offer strategic advice, platform & experience (UX) design, as well as management of the platform post-build. It also consults on the growth and evolution of the platform as ADSS adds new features, tools, and asset classes to meet the evolving needs of the market.

NCR Voyix Corporation, a leading global platform and provider of digital commerce solutions for the retail, restaurant and banking industries, and the world’s largest self-checkout vendor, today announced the launch of its Next Generation Self-Checkout Solution powered by NCR Voyix Commerce Platform.

The NCR Voyix Next Generation Self-Checkout Solution is a significant evolution in the checkout experience for retailers and shoppers alike. It caters to changing shopper journeys, drives the inclusion of demographics and payments, and provides an agile, modern software-as-a-service (SaaS) technology stack with a flexible, fabric-like hardware approach.

The SaaS application stack is managed by NCR Voyix Edge, which empowers retailers to own the shopper experience and innovate with new features and software updates in minutes, across the entire global footprint of retail endpoints. NCR Voyix Insights, available through the NCR Voyix Commerce Platform, provides actionable, proactive, and predictive insights in real-time.

The NCR Voyix Next Generation Self-Checkout Solution accelerates the arrival of frictionless hybrid stores with various modalities of checkout, allowing stores to pivot quickly between assisted and self-checkout lanes or cash and cashless lanes. As a multi-signal consumer engagement touchpoint, the Next Generation Self-Checkout Solution uses multiple and future signals — including bar code scanning, computer vision, RFID, and more — to reduce shopper journey friction and drive natural inclusivity. It enables retailers to experiment at their own pace, including the ability to configure and personalize experiences for specific demographics, with real-time insights that help de-risk investments.

The NCR Voyix Next Generation Self-Checkout Solution is underpinned by three key market-driven design principles of speed, intelligence, and innovation. Specifically, the solution provides:

Speed, so retailers can centrally deploy and manage software in minutes across all store lanes globally — or on an individual store or lane basis. With the configuration-first design, retailers can configure or design and personalize the store experiences in minutes for specific geographic regions, stores or shopper demographics.

Intelligence, with real-time data and insights, empowers retailers to deliver a superior customer experience, enhanced store operations and efficiency, improved loss prevention, and rapid store experimentation, including A/B testing etc.

Innovation through API-led business services, allows retailers to experiment and innovate at a faster pace, with sustainable differentiation regionally and globally.

To take full advantage of the speed, intelligence, and innovation provided by the Next Generation Self-Checkout Solution, NCR Voyix also offers a comprehensive set of service capabilities to help retailers transition from a monolithic, on-premises stack to a modern SaaS deployment and operational model. NCR Voyix's long history of industry innovation includes bringing SaaS to the physical self-checkout lane.

“The NCR Voyix team worked with more than 50 global grocery, convenience, and specialty retailers to understand their checkout priorities and challenges, and their continuous feedback shaped the design of our Next Generation Self-Checkout Solution,” said Eric Schoch, executive vice president and president of Retail at NCR Voyix. “By connecting the Next Generation Self-Checkout Solution to our Platform, retailers can win the in-store checkout experience with both customers and employees — and competitively position themselves for the store of the future in the rapidly evolving retail marketplace.”

Prometeo, a leading fintech infrastructure company connecting global corporations with financial institutions in Latin America, today announced that it has raised USD $13 million in Series A funding. The round was led by Antler Elevate with participation from new investors PayPal Ventures, Samsung Next, and partners from DN Capital, as well as existing backers including Cometa and Magma Partners. The company plans to use the funds to expand its multi-banking data and payments offerings in the region.

Prometeo’s unique platform provides the technological infrastructure that enables global corporations to seamlessly connect into the financial systems of Latin America. Prometeo’s embedded banking software platform provides its clients with simple and automated access to bank information and payments from more than 283 financial institutions in 10 countries throughout Latin America, all through a single, unified API. With Prometeo, clients around the world are able to connect into Latin America in a simpler, faster, and more secure way, while also reducing friction and costs.

Ximena Aleman, Co-Founder and Co-CEO of Prometeo, said, “We have always believed that Latin America can function as a unified market, despite the fact that financial technology infrastructures differ throughout these countries. Our vision has consistently been focused on consolidating these diverse infrastructures under one single API, thus providing the essential layer of standardization required to deliver efficient financial operations across Latin America. Closing our Series A funding round confirms that Prometeo has played a key role thus far. We are now in an optimal position to capitalize on this market opportunity and to continue to add value to banks, fintechs, corporations and partners alike.”

“At Antler Elevate, we are committed to investing in companies that are not just innovators but also game-changers in their fields. Prometeo, with its simple single API, provides banks and financial institutions access to payments and data throughout the entirety of Latin America. We are excited to partner with Ximena and Rodrigo to build a company that's not just advancing technology, but also empowering businesses to reach new heights of success” said Fady Abdel-Nour, Partner at Antler Elevate.

Prometeo's flagship offering includes its robust cross-border multi-banking data aggregation platform, account validation services and real-time payments. Prometeo’s architecture has emerged as the go-to option for industry giants. The platform's scalability, reliability, and commitment to meeting the highest industry standards have solidified its position as the preferred choice for both large corporations and high-growth startups in the financial industry.

“Major banking and corporate clients trust Prometeo to support their financial operations because of our unwavering dedication to safety and compliance,” said Rodrigo Tumaián Co-Founder and Co-CEO of Prometeo. “We have meticulously designed Prometeo’s platform architecture to meet and exceed the legal and compliance standards of the industry, providing our clients with a secure environment where they can confidently conduct their operations.”

By leveraging its robust platform and extensive network of APIs, Prometeo aims to facilitate seamless connections, fostering a more integrated and efficient flow of financial operations. This significant step will position the company as a pivotal player in driving global financial connectivity, making Latin America more accessible and interconnected for international businesses.

MagicCube, the startup that created the Software Defined Trust (SDT) category, announced today at NRF's Retail Big Show that it has partnered with Shift4, the leader in integrated payments and commerce technology, to offer the company's i-Accept™ solution to merchants in the United States. i-Accept turns any Android smartphone or tablet into a PCI-compliant payment device that can accept secure contactless payments using Tap-to-Pay – with or without PIN.

"We are thrilled to be selected as the preferred softPOS provider for Shift4, delivering a cutting-edge, truly secure, and scalable payment acceptance experience to the hundreds of thousands of merchants in their network," said Sam Shawki, CEO and cofounder of MagicCube. "i-Accept takes the complexity out of moving the checkout experience beyond the cashier's desk and enables merchants of all sizes – from the smallest to the largest ones, with sophisticated backend and compliance needs – to offer better shopping experiences to their customers with seamless Tap-to-Pay on any Android device, including phones, tablets, and touch screens." 

i-Accept empowers merchants of all sizes to accept contactless transactions using payment cards and mobile wallets such as Apple Pay, Google Pay, and Samsung Pay, and it even adapts to local card schemes. It also allows for secure PIN capture on the device screen without the need to scramble or shuffle the PIN entry device keys, making the transaction experience seamless and convenient for consumers.

"At Shift4, our mission is to power commerce by empowering merchants with simple and innovative technology solutions," said Michael Isaacman, Chief Commercial Officer at Shift4. "MagicCube's state-of-the-art i-Accept solution aligns with this goal by delivering unmatched flexibility and convenience for retail businesses of all types and sizes."

Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the United States, today announced a new partnership with The Insurance Center of Durham.

The Insurance Center of Durham has served the Durham, NC area for over 40 years as a family-owned, multi-line P&C agency.

"We are pleased to partner with The Insurance Center of Durham, a move that not only expands our footprint in North Carolina but also brings on board a team of seasoned professionals," said Oakbridge CEO Robbie Smith. "They align seamlessly with our values, and we look forward to building on our shared success."

"It's exciting to partner with Oakbridge and we look forward to the opportunity to contribute to a larger team, leverage innovative solutions, and expand our impact in North Carolina," said Brett Roberts, president of The Insurance Center of Durham. "Our team has a passion for serving our clients and this partnership opens access to resources to provide them the best product we can."

"This next chapter for The Insurance Center of Durham is going to be great for our clients and our team," said Lynn Crayton, risk management advisor and former owner. "Oakbridge is a great organization and we're proud to be a part of it."

The partnership provides both firms with access to a broader pool of resources, industry knowledge, and continued opportunities for growth.

As an Oakbridge partner, The Insurance Center of Durham will maintain its office in Durham, NC.

Artificial Intelligence (AI) has grabbed the spotlight, with around $190 billion being invested in this trailblazing technology. Banks, credit unions and other financial institutions are already feeling the pressure of AI adoption to remain competitive today and relevant in the future.

Backed by nearly three decades of domain knowledge and proven delivery processes, Opus Technologies has launched FinGeniusAI Solutions, an open innovation platform for the banking and payments industry. This groundbreaking platform empowers partners, clients, and the broader ecosystem to co-create alongside Opus, harnessing the transformative potential of Artificial Intelligence (AI) to tackle the most pressing challenges faced by financial institutions. It transcends traditional vendor-client relationships, fostering a dynamic space for collective ingenuity and shared success.

"Being a pioneer in payments technology, Opus has a unique advantage in helping financial institutions embrace the latest technologies and meet the expectations of the most discerning customers. FinGeniusAI breaks down barriers, inviting the collective expertise of our partners and clients to shape the future of payments and build future-ready solutions together," says Opus CEO Praveen TM.

In its current configuration, the FinGeniusAI Solutions platform has three niche use cases that allow financial institutions to harness the power of AI in payment processing effectively. These use cases are intelligent payment routing, cash flow forecasting and payment enrichment with auto-repairs.

The capabilities of FinGeniusAI Solutions will extend beyond its initial feature set. For Opus, this framework will be a platform for continuous innovation and accelerated delivery. "In the coming months, we plan to add a multitude of new solutions, including Generative AI and large-language models (LLMs) based applications, addressing diverse needs across the payments ecosystem," says Opus CEO Praveen TM.

Biz2X LLC today announced the launch of a new partner portal to expand its relationship with Owners Bank, a Middletown, Connecticut-based division of Liberty Bank that provides financial solutions uniquely designed to serve the needs of business owners.

Biz2X introduced its lending platform with Owners Bank in July to accelerate unsecured and secured lending decisions. The addition of the partner portal announced today will support Owners Bank’s expansion plans and allow its affiliate partner network to apply digitally, track status and increase access to capital.

“Expanding our partnership with Biz2X enables us to expand our reach to more micro and small businesses so they can get easier access to capital,” said David Mitchell, founder and CEO of Owners Bank. “Our mission is to meet the evolving needs of business owners, cutting out red tape that they typically encounter with the big banks. We designed all our products and services to help save customers’ time.” 

“The addition of the partner portal will support our growth and expansion plans and allow our strategic partnership network to use a bank-branded application portal to drive loan volume and increase the accessibility of the platform,” added Erik Nilsen, SVP Digital Strategic Partnerships, Owners Bank.

“We are proud and excited to expand our relationship with Owners Bank to boost origination and business lending decisions, while providing a modern digital experience for customers and partners,” said Rohit Arora, CEO and co-founder of Biz2X, who is widely recognized as one of the nation’s leading experts in small business finance and fintech.

Temenos today announced that William Moroney has been promoted to President International and joins the Executive Committee, with immediate effect. Philip Barnett, President Americas and member of the Management Board is also promoted to the Executive Committee. They both report to Temenos CEO Andreas Andreades.

A key executive and member of the company’s Management Board, William Moroney is expanding his remit and will be responsible for Temenos’ international business across Europe, the Middle East & Africa, and Asia Pacific which represents 57% of the company’s total revenues. He will also have responsibility for partners, with a focus on generating new revenue streams through partnerships as well as increasing the company’s presence in large tier 1 and 2 banks.

William Moroney is being promoted from his previous role as Managing Director for Middle East & Africa at Temenos, where he had significant success driving growth, exceeding the regional business and revenue targets. He brings over 25 years of senior sales and sales leadership experience, having joined Temenos in 2020. He previously held senior positions at several international banking systems, technology, and outsourcing companies.

Philip Barnett is a seasoned business leader who has been with Temenos since 2003 and has held several senior leadership positions. He’s responsible for the strategy and success of Temenos clients in the Americas and has secured many high-profile client wins since taking over the region. Before that, he was President of Strategic Growth focused on leveraging global technology and IT services partners to generate new growth revenue streams and market opportunities across the globe.

Jean-Paul Mergeai is stepping down from the role of President International Sales and is retiring from Temenos after 13 years during which time he played a key role in the growth of the company, leading the Global Private Wealth business before becoming Managing Director for Middle East and Africa and finally President of International. Having already worked closely with William Moroney for several years, Mergeai will remain at Temenos until the end of June 2024 in a CEO advisory capacity to ensure a smooth transition of client relationships and other projects.

Lee Allcorn is taking over as Managing Director for Middle East & Africa. He joined Temenos in 2020 as Sales Director for the region.

William Moroney, President International, Temenos, said: “I am delighted to take on this role leading our international business and partner organization. Amid the current industry disruption, we have a fantastic opportunity to grow our business and bring the benefits of our scalable, cloud-native modern platform to more banks around the world. I look forward to working closely with our teams globally to drive our momentum and capture new market opportunities.”

Philip Barnett, President Americas, Temenos, said: “I am honored to join the Executive Committee and continue to collaborate with our Americas’ teams and our partners to deliver greater value to our customers. We have the best customer references in the Americas such as a top 30 US bank, Commerce Bank, Convera, and BanCoppel in LATAM to name but a few. We have a proven modern banking platform that is fully compliant with local regulations, delivering advanced cloud technology to help banks modernize their banking and payment operations. And we will continue our R&D investment and accelerate our 2023 momentum in the Americas.”

Andreas Andreades, Chief Executive Officer, Temenos, said: “I would like to congratulate both Will and Philip for their promotions and welcome them to the Temenos Executive Committee. I am confident they will continue transforming the way we deliver business value to our customers.

Not only does Will bring more than 20 years of successful track record in global technology companies, but in the four years that he has been with Temenos he has exceeded his targets every year and has demonstrated the capacity to meaningfully grow Temenos as well as select the next generation of leaders. This appointment will unquestionably help us grow our international business, while also ensuring continuity for our clients and employees.

Philip is a proven leader, committed to Temenos, with a highly successful track record in sales, business operations, and leadership focused on high growth. Under his leadership, the Americas is stronger than ever with a seasoned sales organization in place, which will help us further transform our market engagement.

I would like to express my heartfelt gratitude on behalf of all at Temenos to Jean-Paul for serving all these years and helping us build Temenos into a successful global banking software leader. Temenos wouldn’t be where it is without Jean-Paul’s invaluable contribution. I wish him a happy retirement as he hands over to the next generation to shape the company’s future.

I am proud to have a world-class management team with dedicated and hugely experienced leaders to drive our success in 2024 and beyond.”

BlackRock, Inc. and Global Infrastructure Partners (“GIP”), a leading independent infrastructure fund manager, jointly announce that they have entered into an agreement for BlackRock to acquire GIP for a total consideration of $3 billion of cash and approximately 12 million shares of BlackRock common stock.

A $1 trillion market today, infrastructure is forecast to be one of the fastest-growing segments of private markets in the years ahead. A number of long-term structural trends support an acceleration in infrastructure investment. These include increasing global demand for upgraded digital infrastructure like fiber broadband, cell towers and data centers; renewed investment in logistical hubs such as airports, railroads, and shipping ports as supply chains are rewired; and a movement toward decarbonization and energy security in many parts of the world.

Further, large government deficits mean that the mobilization of capital through public-private partnerships will be critical for funding important infrastructure. Finally, as capital has become more scarce in a higher interest rate environment, companies are exploring partnership opportunities for their embedded infrastructure assets to improve their returns on invested capital or to raise capital to reinvest in their core businesses.

BlackRock has a broad network of global corporate relationships as a long-term investor in both their debt and equity. These relationships will help us lead critical investments in infrastructure to improve outcomes for communities around the globe and generate long-term investment benefits for clients.

The combination of GIP with BlackRock’s highly complementary infrastructure offerings creates a comprehensive global infrastructure franchise with differentiated origination and asset management capabilities. The over $150 billion combined business will seek to deliver clients market-leading, holistic infrastructure expertise across equity, debt, and solutions at a substantial scale. Marrying the proprietary origination and business improvement capabilities of GIP and BlackRock’s global corporate and sovereign relationships provides a platform for diversified, large-scale sourcing to support deal flow and co-investment opportunities for clients. We believe bringing GIP and BlackRock together will deliver to clients the benefits of broader origination and business improvement capabilities.

Founded in 2006, world-leading independent infrastructure investor GIP manages over $100 billion in client assets across infrastructure equity and debt, with a focus on energy, transport, water and waste, and digital sectors. GIP’s performance has been driven by proprietary origination, operational improvements, and timely exits. They have successfully scaled their global equity flagship series, with the most recent fully invested flagship fund in 2019 surpassing $22 billion.

BlackRock’s over $50 billion of infrastructure client AUM is comprised of infrastructure equity, debt and solutions, and has grown both organically and inorganically since inception in 2011. Top investment talent at BlackRock lead franchises that include Diversified Infrastructure, Infra Debt, Infra Solutions, Climate Infrastructure and Decarbonization Partners.

The GIP management team, led by Bayo Ogunlesi and four of its founding partners, will lead the combined infrastructure platform. They will bring with them talented investment, and operationally focused business improvement teams with a strong track record of building and running high-performing private markets businesses. GIP’s founders and teams remain highly committed to clients, and we expect the integration with BlackRock’s broader platform will generate even greater opportunities. Subject to the completion of customary onboarding procedures, BlackRock has also agreed to appoint Bayo Ogunlesi, GIP Founding Partner, Chairman and Chief Executive Officer, to the Board at the next regularly scheduled board meeting following the closing of the transaction.

“Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy. We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritize self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors. Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects,” said Laurence D. Fink, BlackRock Chairman and CEO.

“I’m delighted for the opportunity to welcome Bayo and the GIP team to BlackRock, and happy to announce our plans to have Bayo join our Board of Directors post-closing. We founded BlackRock 35 years ago based on a unique understanding of investment risk and the factors and forces driving investment returns. GIP’s deep understanding of the factors and forces driving operational efficiency for long-term value creation have made them a global leader in infrastructure investing. Bringing these two firms together will create the infrastructure platform to deliver best-in-class investment opportunities for clients globally, and we couldn’t be more excited about the opportunities ahead of us.”

“I’m excited about the power of this combination and the prospect of working with Larry and his talented team. We share with BlackRock a culture of collaboration, client focus, investment partnership, and commitment to excellence. Investors have adopted private infrastructure investing for its ability to provide stable cashflows, less correlated returns, and a hedge against inflation. Global corporates have turned to private infrastructure as a fast innovator and a more commercially agile owner of infrastructure assets that aren't core to their commercial businesses. This platform is set to be the preeminent, one-stop infrastructure solutions provider for global corporates and the public sector, mobilizing long-term private capital through long-standing firm relationships,” said Bayo Ogunlesi, GIP Founding Partner, Chairman, and CEO. “We are convinced that together we can create the world’s premier infrastructure investment firm.”

GIP Profile

GIP is the largest independent infrastructure manager by assets under management globally, with over $100 billion in AUM across infrastructure equity and credit strategies supported by approximately 400 employees. Its over 40 portfolio companies generate over $75 billion in annual revenue and employ approximately 115,000 people around the world. GIP’s success has been driven by its targeted focus on real infrastructure assets in the transport, energy, digital, and water and waste sectors. GIP’s in-depth knowledge of target industries underpins its ability to originate proprietary transactions through outright ownership and corporate joint ventures, conduct deep and extensive diligence, and structure investments.

In addition to proprietary origination, business improvement is a key pillar of GIP’s infrastructure approach, with a dedicated team delivering deep operational enhancements. GIP has executed successful exits across multiple channels. Among GIP’s investments are Gatwick, Edinburgh, and Sydney Airports, CyrusOne (data centers), Suez (water and waste), Pacific National and Italo (rail), Peel Ports and Port of Melbourne, and several major renewables platforms, including Clearway, Vena, Atlas and Eolian.

Terms of the Transaction

Under the terms of the transaction, BlackRock will acquire 100% of the business and assets of GIP for a total consideration of $3 billion in cash and approximately 12 million shares of BlackRock common stock.

Approximately 30% of the total consideration, all in stock, will be deferred and is expected to be issued in approximately five years, subject to the satisfaction of certain post-closing events.

BlackRock intends to fund the cash consideration through $3 billion of additional debt. BlackRock is currently rated AA- with S&P and Aa3 with Moody’s, and this transaction is not expected to meaningfully change its leverage profile. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The deal is expected to be modestly accretive to BlackRock’s as-adjusted earnings per share and operating margin in the first full year post-close.

The transaction is expected to close in the third quarter of 2024 subject to customary regulatory approvals and other closing conditions.

Perella Weinberg Partners served as lead financial advisor to BlackRock, with Skadden, Arps, Slate, Meagher & Flom, and Fried, Frank, Harris, Shriver & Jacobson LLP acting as legal counsel. Evercore served as lead financial advisor and Kirkland & Ellis LLP and Debevoise & Plimpton LLP acted as legal counsel to GIP.