Macquarie Group (ASX:MQG) said Macquarie Asset Management acquired a majority stake in Texas-based utility services provider DynaGrid Holdings, according to a Thursday statement from the firm.
The deal is the first of Macquarie's new strategy of investing in businesses providing services, products, and technologies to infrastructure end markets across North America and Western Europe.
Macquarie Asset Management believes there will be a sizeable need for specialized providers operating in the infrastructure ecosystem, citing estimates for $7.4 trillion of infrastructure investment needed in the US between 2024 and 2033.
Macquarie Group's shares fell past 1% in recent trading on Thursday.
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