BlackRock has agreed to buy credit investment manager HPS Investment Partners in a stock deal valued at approximately $12 billion. The acquisition will give BlackRock more ways to service its insurance clients and create an integrated private credit franchise with around $220 billion in client assets.
HPS, an independent provider of private credit for insurance clients, has around $148 billion in client assets. The company’s CEO said the partnership with BlackRock will strengthen their position in a growing but competitive market.
This deal is part of several acquisitions made by BlackRock this year, including infrastructure fund manager Global Infrastructure Partners and data provider Preqin. The HPS acquisition is expected to close mid-2025.
Source: https://apnews.com/article/blackrock-hps-credit-81eafed3f5781a527fc650f4a672fa75