BlackRock to Buy HPS for $12 Billion. It's Going Big on Private Markets. -- Barrons.com

Dow Jones12-03 20:07

By Callum Keown

BlackRock has agreed to buy private credit manager HPS Investment Partners for $12 billion.

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.

It's just the latest acquisition by CEO Larry Fink aimed at growing the asset manager's private-market business. BlackRock agreed to acquire U.K. data group Preqin for $3.2 billion in June and completed its deal to buy private equity firm Global Infrastructure Partners in October.

Private markets are where companies that aren't listed publicly on stock exchanges are bought and sold.

"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," Fink said in a statement Tuesday.

BlackRock's shares edged 0.3% higher ahead of the open. The stock is up 26% so far in 2024, slightly underperforming the S&P 500's 27% gain.

Write to Callum Keown at callum.keown@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 03, 2024 07:07 ET (12:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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