BlackRock is buying credit investment manager HPS Investment Partners in a stock deal valued at about $12 billion, giving it more ways to service its insurance clients. BlackRock said Tuesday that the transaction includes equity issued by a subsidiary,

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,

BlackRock has agreed to acquire private credit firm HPS Investment Partners in a deal valuing the company at about $12 billion, as BlackRock continues its push into the growing sector.