BlackRock agrees to acquire HPS Investment for $12 billion in an all-equity deal, marking its deeper investment in the booming private credit market.

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.

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.