BlackRock is buying credit investment manager HPS Investment Partners in a stock deal valued at about $12 billion, giving it more ways to service its insurance clients. BlackRock said Tuesday that the transaction includes equity issued by a subsidiary,

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 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.