BlackRock has expanded its footprint in private credit with the purchase of HPS Investment Partners for $12bn.
Both firms agreed on the outline of a deal last week with confirmation and details. 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.
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.
“I am excited by what HPS and BlackRock can do together for our clients. We have always sought to position ourselves ahead of our clients’ needs. Together with the scale, capabilities, and expertise of the HPS team, BlackRock will deliver clients solutions that seamlessly blend public and private,” said Laurence D. Fink, BlackRock chairman and CEO.
HPS was founded in 2007 and is a leading global credit investment manager with capabilities across the capital structure. The firm continues to be led by its founders and long-term governing partners Scott Kapnick, Michael Patterson, Scot French, Purnima Puri, Faith Rosenfeld, Paul Knollmeyer, and Kathy Choi.
