BlackRock (BLK) has a handshake deal to acquire private credit group HPS Investment Partners which is expected to be announced after the Thanksgiving holiday, Financial Times reported late Wednesday citing four people with knowledge of the matter.

The sources said the companies had already agreed on the general terms of the deal.

Two sources said the acquisition price could be near $12 billion. HPS had been considering an initial public offering earlier this year based on a $10 billion valuation, according to the report.

BlackRock and HPS did not immediately respond to MT Newswires' request for comment.

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