Three Big Law firms advised on a $12 billion deal to boost BlackRock Inc.'s private credit offerings.
BlackRock plans to purchase HPS Investment partners, the company said Tuesday. The move will give BlackRock roughly $220 billion in private credit assets.
Skadden, Arps, Slate, Meagher & Flom and Clifford Chance advised BlackRock on the transaction. Fried, Frank, Harris, Shriver & Jacobson guided HPS.
Private credit deals have surged as an alternative to traditional lending amid high borrowing costs. Big Law firms have followed the money, angling to snag lucrative work advising on the transactions.
Total private credit assets are expected to ...
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