Black Rock To Acquire Private Debt Financing Firm Kreos For Undisclosed Sum

(RTTNews) - Investment company BlackRock, Inc. (BLK) announced on Thursday that it has entered into a definitive agreement to acquire private venture debt financing company Kreos. The deal is expected to close in the third quarter of 2023.

The Consideration of the deal has not been disclosed. BlackRock said the financial impact of the deal is not material to it.

Kreos will complement BlackRock by helping its clients to access additional private debt capabilities.

"Kreos was founded in 1998 and has committed more than 5.2 billion euros across more than 750 transactions in 19 countries, to more than 550 pan-European and Israeli high-growth companies in the technology and healthcare sectors.", the company said in a statement.

Under the deal, Kreos has a 45-person team which will join BlackRock. The investment team of Kreos will integrate into BlackRock's European Private Debt platform and its current leadership will continue to execute the firm's proven investment strategies.

On Wednesday, shares of BlackRock closed at $678.23 down 0.25% or $1.69 on the New York Stock Exchange.