BlackRock, Inc. has entered into a definitive agreement to acquire all of the business and assets of HPS Investment Partners. The deal involves approximately 12.1 million units of a wholly-owned subsidiary of BlackRock, exchangeable into shares of BlackRock's common stock on a 1:1 basis. This includes around 9.2 million units to be paid at closing and 2.9 million units to be paid after five years, subject to certain conditions. Additional consideration of up to 1.6 million units may be based on financial performance milestones after about five years. Up to $675 million will fund an equity retention pool for HPS employees. The maximum potential common stock issuable from this transaction is approximately 13.7 million shares. Closing conditions include necessary regulatory approvals, and the expected closure is in mid-2025. Scott Kapnick is planned to join BlackRock's board as a non-voting observer after closing.
Proper Names: - BlackRock, Inc. - HPS Investment Partners - Scott Kapnick