BlackRock Said to Be Near Deal to Buy Private Credit Manager HPS

BlackRock Inc. is nearing a deal to buy HPS Investment Partners, a purchase that would vault the firm into the top ranks of private credit as it seeks to become a major force in alternative assets.

An agreement could be announced as early as the coming week and value HPS at $12 billion or more, according to people with knowledge of the matter. BlackRock will pay for HPS with a mix of cash and stock, they said.

Bloomberg News reported in October that BlackRock was interested in acquiring HPS and later that talks about a purchase were advancing ...