BlackRock, the world's largest asset manager, has entered an all-stock transaction valued at approximately $12bn to acquire private credit manager HPS Investment Partners. This move is set to create an integrated private credit franchise with $220bn in client assets.

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,

BlackRock will buy private credit firm HPS Investment Partners for about $12 billion in an all-stock deal, the companies said on Tuesday, as the world's largest asset manager seeks to expand in a red-hot market.