BlackRock has clinched its third big acquisition this year. The world’s largest asset manager is buying HPS Investment Partners in a $12 billion all stock bid to create a leading global credit manager.

BlackRock agreed to make a $12 billion acquisition that will take it deeper into the hottest trade on Wall Street.

BlackRock Inc. agreed to buy HPS Investment Partners in an all-stock deal valued at roughly $12 billion, a purchase that will propel the world’s largest asset manager into the highest ranks of private credit.