BlackRock has agreed to acquire HPS Investment Partners for $12 billion, enhancing its position in the private credit market. The deal includes $9.3 billion in stock and additional shares contingent on financial targets, aiming to merge HPS with BlackRock's private credit unit to better serve insurance clients. HPS, founded in 2007, has rapidly grown to manage $148 billion in assets, capitalizing on banks' retreat from riskier lending.
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