The all-stock deal adds New York-based HPS, which manages approximately $148 billion in client assets, bolsters BlackRock's position in the private credit market.

BlackRock , oddly enough, is looking a lot more like a streaming service. The index-fund goliath agreed to buy private lender HPS for $12 billion, to get its hands on the hottest new content to push through its formidable pipes.

BlackRock, Inc. (NYSE:BLK) shares are trading higher today. The company disclosed a definitive agreement to acquire HPS Investment Partners for around $12 billion. The acquisition will be fully paid in BlackRock equity,