BlackRock is buying independent infrastructure fund manager Global Infrastructure Partners (GIP) in a cash-and-stock deal valued at more than $12 billion.

The deal announced on Friday includes $3 billion in cash and approximately 12 million shares of BlackRock.

About 30 per cent of the total consideration, all in stock, will be deferred and is expected to be issued in approximately five years.

GIP, which was founded in 2006, manages more than $100 billion in client assets across infrastructure equity and debt, with a focus on energy, transport, water and waste, and digital sectors.

“Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy,” said BlackRock chair and chief executive Larry Fink in a prepared statement.

“We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritise self-sufficiency and security through increased domestic industrial capacity, energy independence, and on-shoring or near-shoring of critical sectors.”

The deal is expected to close in the third quarter.

US regulators approved 11 bitcoin exchange traded funds this week, including one offered by BlackRock under the ticker Ibit.

Shares of BlackRock, based in New York City, fell slightly before the opening bell on Friday.