US-based asset manager BlackRock is to acquire private credit manager HPS Investment Partners, one of the largest US private credit firms, in a deal valued at $12bn.
Both firms agreed on the outline of a deal last week with confirmation and details only emerging this week. BlackRock has agreed to pay $9.3bn in shares and will buy a further 2.9m shares in five years time on condition HPS meets business targets.
The deal adds to a spate of recent acquisitions by the world’s largest asset manager, including its $12.5bn acquisition of Global Infrastructure Partners and its £2.6bn purchase of data provider Preqin.
