The deal, unveiled on Friday, comprises £2.36bn in cash and some 12 million BlackRock shares.

Notably, around 30% of the total consideration, exclusively in stock, will be deferred and is anticipated to be issued approximately five years from the completion of the deal.

BlackRock’s chair and chief executive, Larry Fink, said: “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.”

GIP, established in 2006, manages a substantial £78.6bn in client assets across infrastructure equity and debt. The firm’s diverse portfolio spans energy, transport, water and waste, as well as the digital sector. Among its notable assets are Edinburgh and Gatwick airports, acquired post-BAA breakup, and a significant stake in Peel Ports, owner of Clydeport and other key assets.

The acquisition will see Adebayo Ogunlesi, GIP’s chair and chief executive, joining the BlackRock board. Furthermore, GIP’s management will assume responsibility for overseeing BlackRock’s expanded infrastructure business.

Both BlackRock and GIP are headquartered in New York, and the combined entity is set to wield substantial influence in the evolving landscape of global infrastructure investments.