Blackstone outbids Concord in $1.6 bln takeover battle for Hipgnosis

Hipgnosis Songs Fund

29/04/2024 07:21

April 29 (Reuters) - Blackstone  BX.N  has agreed to
acquire Hipgnosis Songs Fund  SONG.L  for about $1.57 billion,
after the private equity giant outbid rival suitor Concord in
the takeover battle for the music owner of artists such as
Shakira and Red Hot Chili Peppers. 
    Blackstone's formal offer valued the music rights investor
at $1.30 per share, higher than Concord's $1.25 per share offer
last Wednesday.
    Hipgnosis' board plans to back Blackstone's offer and
withdrew its recommendation for Nashville-based music firm
Concord.         
  

 (Reporting by Prerna Bedi and Yadarisa Shabong in Bengaluru;
Editing by Sherry Jacob-Phillips)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))