Grupo Mexico to Merge Power Unit With BlackRock-Backed Saavi

Mexican mining and railroad conglomerate Grupo Mexico has struck a deal to merge its electricity generation operations with a BlackRock Inc. unit, creating the country’s largest private power operator.

Grupo Mexico’s infrastructure division has signed a definitive agreement to combine its power generation assets with Saavi Energia, part of BlackRock’s Global Infrastructure Partners portfolio, the conglomerate said Monday in a statement.