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BlackRock to buy First Reserve's energy infrastructure funds

BlackRock Inc. agreed to acquire First Reserve Energy Infrastructure Funds for undisclosed terms.

The team handling First Reserve's energy-focused equity infrastructure franchise manages approximately $3.7 billion in committed capital across two funds. With the addition of the energy infrastructure team, BlackRock's infrastructure investment platform will manage approximately $14 billion in client assets when the transaction closes. Mark Florian leads the energy infrastructure team of 37 investment professionals and support staff.

The transaction is expected to close by the end of the second quarter of 2017. The transaction has no material financial impact to BlackRock EPS.