US regulator approves BlackRock’s $12.5bn deal for Global Infrastructure Partners By Reuters

(Reuters) – The U.S. Federal Energy Regulatory Commission on Friday approved BlackRock’s (NYSE: ) $12.5 billion deal for Global Infrastructure Partners.

Under the deal, which was announced earlier this year, BlackRock said it would pay $3 billion in cash and about 12 million BlackRock shares to acquire the asset management giant.

BlackRock and Global Infrastructure Partners declined to comment.

Last year, a member of the U.S. energy regulator called for control over top asset managers’ ownership of electric utilities as the watchdog began a review.

Commissioner Mark Christie said the commission must “apply strict scrutiny when a huge asset manager like Vanguard or State Street (NYSE:) or BlackRock is buying a large part of either the (utility) company or its holding company.”

Global Infrastructure Partners is an infrastructure investor specializing in investing, owning and operating assets in the energy, transport, digital infrastructure and water and waste management sectors.