PESP FTC DOJ Letter 6.14.24

The Private Equity Stakeholder Project argues that BlackRock's acquisition of Global Infrastructure Partners (GIP) would shift the firm from a passive investment manager to an active owner of energy infrastructure, potentially violating the Clayton Antitrust Act. The letter highlights specific conflicts of interest, such as BlackRock's simultaneous ownership of Allete (via GIP) and its major industrial customers, Cleveland Cliffs and US Steel. It further lists extensive holdings in various US public utilities to demonstrate the scale of BlackRock's influence over power market assets and requests federal intervention to protect competition and consumers.

• BlackRock's $12.5 billion acquisition of Global Infrastructure Partners (GIP) represents its largest acquisition in 15 years and would transition the company from a passive investment manager to an active owner of energy infrastructure assets.
• The merger creates potential conflicts of interest and competition issues, exemplified by GIP's acquisition of Allete (which controls Minnesota Power and Superior Water, Light and Power Company) while BlackRock holds significant voting shares in Allete's major industrial customers, Cleveland Cliffs and US Steel, who account for 70% of Minnesota Power's industrial demand.
• BlackRock maintains extensive voting shares in numerous US public utility and energy companies, including MGE Energy (16.4%), Avista Corp. (19.44%), and Sempra (10.0%), among others, which the author argues threatens competition, rates, and regulation.
• The acquisition is alleged to violate the Clayton Antitrust Act and may entrench or extend a dominant position, echoing concerns raised by Senator Sanders regarding FTC and DOJ merger guidelines.

APA

Private Equity Stakeholder Project (2024). PESP FTC DOJ Letter 6.14.24. https://pestakeholder.org/wp-content/uploads/2024/06/PESP-FTC-DOJ-Letter-6.14.24.pdf

Chicago

Private Equity Stakeholder Project. PESP FTC DOJ Letter 6.14.24. 2024. https://pestakeholder.org/wp-content/uploads/2024/06/PESP-FTC-DOJ-Letter-6.14.24.pdf.

Wikipedia

{{cite press release |author=Private Equity Stakeholder Project |title=PESP FTC DOJ Letter 6.14.24 |date=14 June 2024 |url=https://pestakeholder.org/wp-content/uploads/2024/06/PESP-FTC-DOJ-Letter-6.14.24.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{privateequitystakeholderproject2024pesp, author = {{Private Equity Stakeholder Project}}, title = {{PESP FTC DOJ Letter 6.14.24}}, publisher = {Private Equity Stakeholder Project}, year = {2024}, month = jun, url = {https://pestakeholder.org/wp-content/uploads/2024/06/PESP-FTC-DOJ-Letter-6.14.24.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }