Blackstone wins bidding war for UK music rights firm
Source: AFP
PAY ATTENTION: Let yourself be inspired by real people who go beyond the ordinary! Subscribe and watch our new shows on Briefly TV Life now!
US private equity firm Blackstone emerged victorious Thursday in a takeover battle for struggling UK music rights owner Hipgnosis Songs Fund, after American group Concord refrained from improving its bid.
Concord, a rival to Hipgnosis, said in a statement that it would not hike its $1.5-billion bid after Blackstone agreed a $1.6-billion offer.
Hipgnosis manages the rights to more than 150 of the world's biggest song catalogues, including Justin Bieber, Shakira and Neil Young.
Concord "confirms that its offer of $1.25 per Hipgnosis share is final and will not be increased", it said in a brief statement clearing the path for Blackstone.
The US private equity house last week ramped up its bid to $1.30 per share.
"It looks like the battle for Hipgnosis Songs Fund won't be having another encore," said AJ Bell investment director Russ Mould.
PAY ATTENTION: stay informed and follow us on Google News!
Hipgnosis was co-founded in 2018 by guitarist and producer Nile Rodgers and Merck Mercuriadis, former manager of Beyonce and Elton John.
The London-listed fund has been plagued by concerns over asset valuations and recently slashed the value of its songs catalogue by more than a quarter to $1.93 billion.
That came after Hipgnosis revealed in December that its first-half net losses tripled on tumbling sales.
Source: AFP
