BlackRock has agreed to buy HPS Investment Partners in a $12bn deal, as the world’s largest money manager races to expand its share of the fast-growing and lucrative market for private investments.
New York-based HPS is one of a handful of groups that dominate private credit, a market that has taken over swaths of corporate lending from traditional banks and which is now at the centre of a land grab by the biggest money managers on Wall Street.
BlackRock has agreed to pay $9.3bn in stock when the deal closes and a further 2.9mn shares, now worth about $3bn, in five years, assuming HPS meets certain financial targets.
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