BlackRock is nearing a $12 billion acquisition of HPS Investment Partners, signaling a deeper move into private credit, one of Wall Street’s fastest-growing markets. HPS, managed by ex-Goldman Sachs and JPMorgan executives, specializes in lending to high-risk companies, and the deal could be announced this week if finalized.

BlackRock agreed to make a $12 billion acquisition that will take it deeper into the hottest trade on Wall Street.

BlackRock , oddly enough, is looking a lot more like a streaming service. The index-fund goliath agreed to buy private lender HPS for $12 billion, to get its hands on the hottest new content to push through its formidable pipes.

Acquisition will see world’s largest asset manager further expand its reach into the booming private credit market

BlackRock is buying credit investment manager HPS Investment Partners in a stock deal valued at about $12 billion, giving it more ways to service its insurance clients

HPS co-founders Scott Kapnick, Scot French, and Michael Patterson are joining BlackRock’s global executive committee while Kapnick will also be an observer on BlackRock’s boar

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.

BlackRock will buy private credit firm HPS Investment Partners for about $12 billion in an all-stock deal, the companies said on Tuesday, as the world's largest asset manager seeks to expand in a red-hot market.