BlackRock Buys HPS Investment Partners for $12B in All-Stock Deal, Eyeing Private Credit Growth

Dec 3, 2024, 11:13 AM

BlackRock Inc., the world's largest asset manager, has agreed to acquire HPS Investment Partners, a leading global credit investment manager, in an all-stock deal valued at approximately $12 billion. HPS, managing $148 billion in client assets, specializes in direct lending to businesses, bypassing banks, in what is known as the private credit market. This acquisition aims to bolster BlackRock's presence in this sector, which has been gaining traction as an alternative to traditional bank lending. The deal is expected to create an integrated private credit franchise, offering income solutions across both public and private markets. The acquisition underscores BlackRock's strategic intent to expand in what is currently one of Wall Street's hottest markets.