BlackRock acquiring private debt manager Kreos Capital in $400 million deal
BlackRock acquiring private debt manager Kreos Capital in $400 million deal
Kreos, which is headquartered in London, has significant activity in Israel which includes providing credit for over 100 Israeli companies
U.S. investment giant BlackRock is acquiring Kreos Capital, a private debt manager with significant activity in Israel, including providing credit for over 100 Israeli companies. The terms of the deal were not disclosed, but the purchase price is estimated by Calcalist at around $400 million. The transaction is expected to close in the third quarter of 2023.
Kreos Capital’s activity in Israel is managed by Co-Founder and General Partner Raoul Stein, who will remain in his position.
Since its inception in 1998, Kreos Capital has committed more than €5.2 billion ($5.5 billion) 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. In technology, the firm has invested across fintech, enterprise software, cybersecurity, semiconductors, digital marketing, AI, and other sub-sectors. In healthcare, it has backed companies in areas such as drug and treatment development, medical products and devices, and healthcare tech.
The acquisition of Kreos is part of BlackRock’s ambitions to provide clients with a diverse range of private market investment products and solutions in the current climate in which many high-tech companies prefer to raise credit rather than equity funding at a reduced valuation.
Kreos is headquartered in London and its 45-person team will join BlackRock as part of the transaction. Kreos’ investment team will integrate into BlackRock’s European Private Debt platform.
