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 Inc. agreed to buy HPS Investment Partners in an all-stock deal valued at roughly $12 billion, a purchase that will propel the world’s largest asset manager into the highest ranks of private credit.