B
BlackRock, Inc.
Acquirer counsel
Sidley Austin
Individual advisers not yet recorded
Rainmaker
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BlackRock, Inc. acquires ElmTree Funds for $12.95 billion, seller advised by Kirkland & Ellis
Deal Overview
- Value
- $12.95bn
- Deal type
- M&A
- Structure
- Data in progress
- Status
- Data in progress
Advisors
ACQUIRER
Sidley Austin Overview
- BlackRock is buying ElmTree Funds, a net lease real estate investment firm that oversaw US$7.3 billion of assets as of March 31. After closing, ElmTree will be integrated into BlackRock's Private Financing Solutions platform.
- The consideration will be paid primarily in BlackRock stock, with potential additional consideration tied to ElmTree's performance over the next five years.
- The deal is targeted to close in Q3 2025 and is intended to expand BlackRock's real estate capabilities within Private Financing Solutions by scaling its offering and entering new owner-operator markets.
E
ElmTree Funds
Seller counsel
Kirkland & Ellis
Michael A. Reeves, P.C.Partner
Jared MaherPartner
11 lawyers involved
Kirkland & Ellis Overview
- ElmTree Funds is a net-lease real estate investment firm with US$7.3 billion of total assets under management as of March 31, 2025. Founded in 2011, it focuses on single-tenant, build-to-suit commercial real estate assets that are mission critical to corporate tenants' operations and growth.
- The transaction is a definitive agreement for BlackRock to acquire ElmTree. The announcement identifies it as a sale of ElmTree to BlackRock, without disclosing per-share consideration, valuation, premium, stake percentage or financing terms.
- On closing, ElmTree will be integrated into Private Financing Solutions, the platform created through BlackRock's combination with HPS Investment Partners. That sets the post-closing home for the business inside BlackRock's private financing operations.