BlackRock Inc. is nearing a deal to buy HPS Investment Partners, a purchase that would vault the firm into the top ranks of private credit as it seeks to become a major force in alternative assets.An agreement could be announced as early as this week and value HPS at $12 billion or more,

The acquisition may be announced soon after the Thanksgiving holiday, as per sources familiar with the matter.

BlackRock had a verbal agreement to acquire a private credit manager, HPS Investment Partners. The deal was first reported by the Financial Times, stating that the value of the deal would be closer to $12 billion. This would give HPS a higher premium as compared to a post-IPO scenario, which would only give it a valuation of $10 billion.

BlackRock, the world’s largest asset manager, is reportedly on the cusp of a deal to acquire HPS Investment Partners for more than $12 billion