The all-stock deal adds New York-based HPS, which manages approximately $148 billion in client assets, bolsters BlackRock's position in the private credit market.

In a widely anticipated announcement, BlackRock said it had reached an agreement to fully-acquire HPS Investment Partners in an all share transaction worth $12 billion

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 in assets,