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Asset management giant BlackRock BLK.N has emerged as the sole bidder in negotiations to acquire private credit firm HPS Investment Partners, Bloomberg News reported Tuesday, citing people with knowledge of the discussions .
The parties are seeking to reach an agreement by the end of the year, the report said, adding that HPS could proceed with an IPO or minority stake sale if the parties fail to agree. agreement on the evaluation.
HPS is reportedly targeting a post-IPO valuation of $11 billion, with plans to seek a premium above that figure in a sale, according to the report.
BlackRock and HPS Partners did not immediately respond to Reuters requests for comment.
BlackRock, which manages more than $10 trillion, is seeking to capitalize on the explosion in investor demand for alternative assets, which range from private equity to infrastructure.
HPS Investment Partners is a global investment firm that manages assets in debt, liquid credit, including syndicated leveraged loans, asset-based financing and real estate, according to its site web. Its assets under management were approximately $117 billion as of June 2024.
Earlier in July, BlackRock agreed to buy British data company Preqin for 2.55 billion pounds ($3.32 billion) in cash.
Later in September, the US Federal Energy Regulatory Commission approved BlackRock’s $12.5 billion takeover of Global Infrastructure Partners.
($1 = 0.7686 pounds)
