BlackRock said Tuesday it will acquire HPS Investment Partners for $12 billion in stock, as the world's largest asset manager looks to grow its presence in the highly popular private credit space.
The deal, which is expected to close in mid-2025, comes during a boom for the private credit space.
The transaction also creates "an integrated private credit franchise" with about $220 billion assets, per BlackRock.
BlackRock earlier this year announced it would acquire Global Infrastructure Partners and private market data provider Preqin for $12.5 billion and $3.2 billion, respectively.
The deal is also expected to raise BlackRock's private market AUM and management fees by 40% and roughly 35%, respectively.
Persons:
Andrew Ross Sorkin, Larry Fink, Ares, HPS
Organizations:
BlackRock, New York Times DealBook, Jazz At Lincoln Center, HPS Investment Partners, Owl, CNBC, Global Infrastructure Partners, CNBC PRO
Locations:
New York City, BlackRock's, BlackRock