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BlackRock (BLK) to Acquire Swiss Re's SRPEP

July 3, 2012 6:39 AM EDT Send to a Friend
BlackRock, Inc. (NYSE: BLK) today announced that it has entered into a definitive agreement whereby it will acquire Swiss Re Private Equity Partners AG (“SRPEP”), the European private equity and infrastructure fund of funds franchise of Swiss Re. BlackRock and Swiss Re have also entered into a strategic alternative investment relationship agreement, centered on BlackRock Alternative Investors (“BAI”), which reinforces Swiss Re’s current investments in SRPEP products and establishes other future Swiss Re commitments to the BAI platform.

Operating from Zurich, Hong Kong, New York and Bratislava, SRPEP had $7.5 billion in total commitments at May 31, 2012, including a significant commitment from Swiss Re as it invested alongside its clients. SRPEP will be integrated with BlackRock’s existing private equity fund of funds group – BlackRock Private Equity Partners (“BRPEP”). The transaction extends BRPEP’s investment capabilities into infrastructure investing, expands its European and Asian footprint, and establishes the unit’s presence in Switzerland where BlackRock has a long-standing presence and history of service through employees in Zurich and Geneva.

With approximately $15 billion in client commitments, the unified platform brings together a group of exceptionally talented professionals and a strong line-up of complementary products. The team will invest in primary funds, secondaries and direct co-investment opportunities through core fund of funds, direct co-investment programs and other offerings.

Following the satisfaction of customary closing conditions, the transaction is expected to be completed by the end of the third quarter of 2012. Terms of the all-cash transaction, which will be neutral-to-modestly accretive to BlackRock’s 2012 earnings, were not disclosed.




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