BlackRock is set to buy HPS Investment Partners, a private credit behemoth managing $145 billion, according to a report.

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.

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