BlackRock to acquire HPS Investment Partners for ~$12B in equity, expanding private credit to ~$220B

BlackRock, Inc.

Total consideration of ~12.1M SubCo Units (exchangeable 1:1 for BLK common); up to 13.7M shares possible with deferred/earn-out.
HPS manages ~$148B in client assets; combined private credit franchise ~$220B.
Deal expected to increase private markets fee-paying AUM by 40% and management fees by ~35%; modestly accretive to as-adjusted EPS in first full year.
HPS leadership (Kapnick, French, Patterson) to lead new unit; Kapnick joins BlackRock board as observer.
Closing expected mid-2025 subject to regulatory approvals; BlackRock to retire/refinance ~$400M of HPS debt.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.