Blackstone raises Hipgnosis offer by a cent

Hipgnosis Songs Fund

03/06/2024 07:44

June 3 (Reuters) - Blackstone  BX.N  on Monday raised
its offer for Hipgnosis Songs Fund  SONG.L  by a cent to $1.31
per share, valuing the music rights owner of artists such as
Shakira and Red Hot Chili Peppers at $1.58 billion. 
    The revised offer in part reflects "Hipgnosis incurring
lower adviser fees in respect of the transaction than previously
expected", the private equity fund said in a statement.
    Blackstone, which won Hipgnosis's board backing for the deal
in April, said the deal is expected to close by June 14.
    Apollo-backed Concord terminated its proposed $1.51 billion
offer for Hipgnosis last month.
    

 (Reporting by Anchal Rana in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((Anchal.Rana@thomsonreuters.com; +91 9915609050;))