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BlackRock (BLK) Completes Acquisition of London's Kreos Capital
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BlackRock, Inc. (BLK - Free Report) has completed its previously announced agreement to acquire London-based Kreos Capital, a leading provider of growth and venture debt financing to companies in the technology and healthcare industries.
The financial impact of the transaction (announced this June) has no material impact on BlackRock's earnings.
Kreos is a well-known debt provider that invests across Israel and European high-growth companies. Since 1998, the firm has invested more than €5.2 billion through nearly 750 transactions across 19 countries.
The acquisition of Kreos adds to BlackRock's position as the global credit asset manager. The transaction is expected to expedite BLK's goal to provide its clients with a wide range of private market investment products and services.
Now, Kreos’ investment team will become part of BlackRock’s European Private Debt platform. Its existing leadership will continue to be responsible for executing its proven investment strategies.
At the time of the deal announcement, James Keenan, CIO and global head of BlackRock Private Credit, said, “The Kreos team has built a world class investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth and venture lending will figure prominently in the expansion of the global direct lending opportunity set going forward, we believe this is an opportune time to welcome the Kreos team to BlackRock.”
Over the years, BLK has expanded its product offerings through strategic acquisitions. In June 2021, it acquired the Climate Change Scenario Model of Baringa Partners. In February 2021, BlackRock completed the acquisition of investment management services provider, Aperio Group.
Apart from these, over the years, the company has acquired several firms across the globe, thus expanding its footprint and market share. Supported by its inorganic growth efforts, broad product diversification, revenue mix and robust assets under management balance, BLK’s top line is expected to continue to improve in the near term.
Over the past year, shares of BLK have gained 2% compared with the industry’s growth of 7.5%.
Last month, LPL Financial Holdings (LPLA - Free Report) announced a definitive agreement to acquire the wealth management business of Crown Capital Securities, L.P. The deal marks a significant step for both companies and is expected to be finalized in early 2024, pending regulatory approval and customary closing conditions.
LPLA's industry-leading platform is expected to provide Crown Capital advisors with enhanced operational support, streamlined processes and access to cutting-edge technology and integrated advisor tools. While Crown Capital advisors will enjoy the benefits of LPL Financial's robust infrastructure, they will maintain their independence, continuing to serve the clients with the same dedication and commitment they have exhibited throughout the years.
Affiliated Managers Group, Inc. (AMG - Free Report) announced a deal to acquire a minority equity interest in Forbion Group Holding B.V. The terms of the deal, expected to close in the second half of 2023, were not disclosed.
Being a venture capital and growth equity firm with €3 billion in assets under management, Forbion focuses on investing in high-quality life sciences companies across all stages of their development.
AMG, with its strong balance sheet and liquidity position, has considerable capability to invest in other companies and generate growth through new investments.
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BlackRock (BLK) Completes Acquisition of London's Kreos Capital
BlackRock, Inc. (BLK - Free Report) has completed its previously announced agreement to acquire London-based Kreos Capital, a leading provider of growth and venture debt financing to companies in the technology and healthcare industries.
The financial impact of the transaction (announced this June) has no material impact on BlackRock's earnings.
Kreos is a well-known debt provider that invests across Israel and European high-growth companies. Since 1998, the firm has invested more than €5.2 billion through nearly 750 transactions across 19 countries.
The acquisition of Kreos adds to BlackRock's position as the global credit asset manager. The transaction is expected to expedite BLK's goal to provide its clients with a wide range of private market investment products and services.
Now, Kreos’ investment team will become part of BlackRock’s European Private Debt platform. Its existing leadership will continue to be responsible for executing its proven investment strategies.
At the time of the deal announcement, James Keenan, CIO and global head of BlackRock Private Credit, said, “The Kreos team has built a world class investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth and venture lending will figure prominently in the expansion of the global direct lending opportunity set going forward, we believe this is an opportune time to welcome the Kreos team to BlackRock.”
Over the years, BLK has expanded its product offerings through strategic acquisitions. In June 2021, it acquired the Climate Change Scenario Model of Baringa Partners. In February 2021, BlackRock completed the acquisition of investment management services provider, Aperio Group.
Apart from these, over the years, the company has acquired several firms across the globe, thus expanding its footprint and market share. Supported by its inorganic growth efforts, broad product diversification, revenue mix and robust assets under management balance, BLK’s top line is expected to continue to improve in the near term.
Over the past year, shares of BLK have gained 2% compared with the industry’s growth of 7.5%.
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Expansion Efforts by Other Firms
Last month, LPL Financial Holdings (LPLA - Free Report) announced a definitive agreement to acquire the wealth management business of Crown Capital Securities, L.P. The deal marks a significant step for both companies and is expected to be finalized in early 2024, pending regulatory approval and customary closing conditions.
LPLA's industry-leading platform is expected to provide Crown Capital advisors with enhanced operational support, streamlined processes and access to cutting-edge technology and integrated advisor tools. While Crown Capital advisors will enjoy the benefits of LPL Financial's robust infrastructure, they will maintain their independence, continuing to serve the clients with the same dedication and commitment they have exhibited throughout the years.
Affiliated Managers Group, Inc. (AMG - Free Report) announced a deal to acquire a minority equity interest in Forbion Group Holding B.V. The terms of the deal, expected to close in the second half of 2023, were not disclosed.
Being a venture capital and growth equity firm with €3 billion in assets under management, Forbion focuses on investing in high-quality life sciences companies across all stages of their development.
AMG, with its strong balance sheet and liquidity position, has considerable capability to invest in other companies and generate growth through new investments.