The Financial Times reports that Blackrock is in the advanced stages of a handshake agreement to buy private credit firm HPS Investment Partners.
A final deal value of close to US$12 billion (A$18.497 billion) would provide a significant premium over HPS's post-IPO valuation of US$10 billion, according to sources familiar with the matter.
Based on sources familiar with the situation, the two sides are close to a deal with an eye toward announcing general terms after the Thanksgiving holiday.
HPS Investment Partners manages debt, liquid credit, asset-based financing, and real estate assets. At June 2024, its assets under management were about US$117 billion (A$180.347 billion).
BlackRock, which manages more than US$10 trillion in assets, wants to take advantage of a boom in demand for alternative assets, such as private equity and infrastructure.
In July, BlackRock paid £2.6 billion (A$5.075 billion) for UK-based data firm Preqin.
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