BlackRock Talks to Buy Private-Credit Firm HPS Said to Advance

BlackRock Inc. is in advanced talks to buy HPS Investment Partners, emerging as the only suitor in active talks with the firm as the world’s largest asset manager seeks to compete in the fast-growing private credit industry.

The two sides are seeking to reach an agreement by the end of this year, according to people with knowledge of the discussions, who sought anonymity to discuss confidential matters. HPS could still opt for an initial public offering or minority stake sale if the parties fail to agree on valuation, some of the people said.

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