BlackRock closes HPS acquisition; creates Private Financing Solutions with $190B in assets

BlackRock, Inc.

Delivered ~8.5M Subco Units exchangeable 1:1 for BLK common stock; up to ~13.8M additional shares potentially issuable.
Combined private credit platform (PFS) holds $190B in client assets, led by Kapnick, French, and Patterson.
Scott Kapnick (HPS CEO) joins as observer to BlackRock Board of Directors.
HPS flagship strategies retain branding; now known as 'HPS, a part of BlackRock'.
Transaction closed July 1, 2025; financial advisors include Perella Weinberg, Morgan Stanley, J.P. Morgan.

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