The Genius of Sagamu Ogunlesi

The Genius of Sagamu Ogunlesi

Today, BlackRock has made a deal to buy Global Infrastructure Partners (GIP) for more than $12.5bn in cash and stock, a move that will boost the $9 Trillion dollar money manager’s footprint in alternative assets.

Acquiring GIP, which has about $106bn in AUM would make BlackRock the world’s second-largest infrastructure manager. BlackRock has agreed to pay $3billion in cash and 12 million worth of its shares to GIP’s six founders, including Chair and Managing Partner Adebayo Ogunlesi. 7million shares will be handed over at closing and another 5 million more due in five years. The GIP principals intend to distribute some of the proceeds to their 400 employees. The group would collectively become BlackRock’s second-largest shareholder. 

The acquisition comes as BlackRock reported adjusted net income of $1.45 billion above the $1.33 billion expected by analysts polled by Bloomberg. Bringing AUM to above $10 trillion for the first time since 2021 on the back of rising markets and $96 billion in net inflows in the fourth quarter. Revenue was up 7 per cent year on year to $4.6 billion and operating margins ticked up slightly to 41.6 per cent.

Let’s talk about the legendary, Adebayo Ogunlesi, made his bread at Credit Suisse spending 23 years. At Credit Suisse he held several senior positions including Executive Vice Chairman and Chief Client Officer of the Investment Banking Division. From 2002 to 2004, he was Head of the Global Investment Banking Division and a Member of the Executive Board and Management Committee.

Ogunlesi educational background involved having a law and business degrees from ivy league schools. He served as a Law Clerk to the Honorable Thurgood Marshall, Associate Justice of the United States Supreme Court. In July 2006, Ogunlesi started the private equity firm, Global Infrastructure Partners (GIP), a joint venture whose initial investors included Credit Suisse and General Electric. He currently serves as chairman and managing partner.

In 2006, GIP bought London City Airport. In 2009, GIP acquired the majority in London Gatwick Airport in a deal worth £1.455 billion. The Nigerian press has given him the nickname, "The Man Who Bought Gatwick Airport." GIP also owns Edinburgh Airport, which they bought in 2012, and Nuovo Trasporto Viaggiatori, which they bought in February 2018.

He has carved a remarkable path in the world of finance and infrastructure. His story is a testament to the relentless determination and visionary leadership at the helm of leading corporations. Born to Theophilus O. Ogunlesi, the first Nigerian medicine professor at the University of Ibadan, Ogunlesi’s journey from the streets of Nigeria to the skyscrapers of New York is nothing short of extraordinary. Not just a business mogul, Ogunlesi is a scholar with an impressive educational background. He holds a BA in politics, philosophy, and economics from Oxford University, a JD from Harvard Law School, and an MBA from Harvard Business School.

We celebrate this exceptional businessman today, Congrats!