BlackRock Buys Credit Firm HPS in $12 Billion All-Stock Deal (2)

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.

HPS founders Scott Kapnick, Scot French and Michael Patterson will lead a new private financing solutions business unit with BlackRock as the company seeks to offer the full range of public fixed-income and alternative credit funds to clients, the asset manager said Tuesday in a statement.

“We are delivering across public and private markets, equity and debt,” BlackRock Chief Executive Officer Larry Fink ...