BlackRock Makes $12 Billion Power Move - Agrees To Acquire HPS To Bolster Private Credit Offerings
BlackRock Makes $12 Billion Power Move - Agrees To Acquire HPS To Bolster Private Credit Offerings
About 25% (2.9 million SubCo Units) will be deferred for five years, contingent on post-closing conditions. Additionally, up to 1.6 million SubCo Units may be earned based on financial performance milestones. The total deal could result in the issuance of approximately 13.7 million BlackRock shares.BlackRock, Inc. (NYSE:BLK) shares are trading higher today. The company disclosed a definitive agreement to acquire HPS Investment Partners for around $12 billion.
贝莱德公司（纽约证券交易所代码：BLK）股价今天上涨。该公司披露了以约120亿美元收购HPS投资伙伴的最终协议。
The acquisition will be fully paid in BlackRock equity, issued as "SubCo Units" by a wholly-owned subsidiary of BlackRock, exchangeable one-for-one into BlackRock common stock.
此次收购将以贝莱德股权全额支付，该股权由贝莱德的全资子公司作为 “SubCo Units” 发行，可一一兑换成贝莱德普通股。
A portion of the consideration will be paid at closing, with approximately 9.2 million SubCo Units paid at the same time.
部分对价将在收盘时支付，同时支付约920万个SubCo单位。
About 25% (2.9 million SubCo Units) will be deferred for five years, contingent on post-closing conditions. Additionally, up to 1.6 million SubCo Units may be earned based on financial performance milestones. The total deal could result in the issuance of approximately 13.7 million BlackRock shares.
根据收盘后的情况，大约25％（290万个SubCo单位）将延期五年。此外，根据财务业绩里程碑，最多可以获得160万个SubCo单位。总交易可能导致贝莱德发行约1370万股股票。
The acquisition will integrate BlackRock's extensive corporate and asset owner relationships with HPS's expertise in diversified origination and capital flexibility. This transaction strengthens BlackRock's offerings for insurance clients.
此次收购将整合贝莱德广泛的公司和资产所有者关系与HPS在多元化发起和资本灵活性方面的专业知识。该交易加强了贝莱德为保险客户提供的服务。
Together, the combined private credit franchise with ~$220 billion in client assets and BlackRock's $3 trillion public fixed-income business will offer clients comprehensive public and private income solutions across their entire portfolios.
合并后的拥有约2200亿美元客户资产的私人信贷特许经营权和贝莱德的3万亿美元公共固定收益业务将为客户的整个投资组合提供全面的公共和私人收益解决方案。
The combined platform will offer end-to-end capabilities in credit solutions, asset-based finance, real estate, private placements, and CLOs.
合并后的平台将提供信贷解决方案、资产融资、房地产、私募和CLO方面的端到端功能。
The acquisition positions BlackRock as a full-service, fiduciary provider of public and private asset management and technology solutions for the insurance sector.
此次收购使贝莱德成为保险业公共和私人资产管理和技术解决方案的全方位服务的信托提供商。
As part of the transaction, BlackRock plans to retire or refinance approximately $400 million of existing HPS debt. The deal is not expected to significantly impact BlackRock's leverage profile.
作为交易的一部分，贝莱德计划偿还或再融资约4亿美元的HPS现有债务。预计该交易不会对贝莱德的杠杆率状况产生重大影响。
The company expects to increase private markets fee-paying AUM and management fees by 40% and 35%, respectively, and be modestly accretive to BlackRock's as-adjusted earnings per share in the first full year post-close.
该公司预计，私募市场收费资产管理规模和管理费将分别增加40％和35％，并在收盘后的第一个全年中略微增加贝莱德调整后的每股收益。
The transaction is expected to close in mid-2025, subject to regulatory approvals and customary closing conditions. Notably, BlackRock projects the private debt market to surpass $4.5 trillion by 2030.
该交易预计将于2025年中期完成，但须获得监管部门的批准和惯例成交条件。值得注意的是，贝莱德预计，到2030年，私人债务市场将超过4.5万亿美元。
Laurence D. Fink, BlackRock Chairman and CEO, said, "With GIP, and now HPS, we are expanding our private markets capabilities across our comprehensive global platform. Our Aladdin technology, including eFront, and soon Preqin, will make access to private markets simpler and more transparent. These capabilities, together with our global reach, deep relationships, and powerful technology, differentiate our ability to serve clients."
贝莱德董事长兼首席执行官劳伦斯·芬克表示：“通过GIP和现在的HPS，我们正在我们的综合全球平台上扩大我们的私募市场能力。我们的阿拉丁技术，包括eFront以及不久的Preqin，将使进入私募市场的过程变得更简单、更透明。这些能力，加上我们的全球影响力、深厚的关系和强大的技术，使我们为客户服务的能力脱颖而出。”
As of the third-quarter end, BlackRock's total AUM stood at $11.5 trillion.
截至第三季度末，贝莱德的总资产管理规模为11.5万亿美元。
Investors can gain exposure to the stock via Fidelity Disruptive Finance ETF (NASDAQ:FDFF) and Capitol Series Trust The Nightview Fund NITE (NYSE:NITE).
投资者可以通过富达颠覆性金融ETF（纳斯达克股票代码：FDFF）和国会系列信托基金夜景基金NITE（纽约证券交易所代码：NITE）获得股票敞口。
Price Action: BLK shares are up 1.04% at $1,030.72 at the last check Tuesday.
价格走势：在周二的最后一次检查中，bLK股价上涨1.04％，至1,030.72美元。
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Photo via Shutterstock.
照片来自 Shutterstock。
