BX - Blackstone Clinches Hipgnosis Deal Expanding Music Rights Portfolio | Benzinga
Blackstone Inc (NYSE:BX) has reached an agreement to acquire Hipgnosis Songs Fund for approximately $1.57 billion, surpassing Apollo Global Management (NYSE:APO) backed Concord’s offer in the battle for the music rights owner of artists like Shakira and Red Hot Chili Peppers.
Hipgnosis Songs Fund will be acquired by Lyra Bidco Limited, a newly-formed company indirectly wholly-owned by investment funds advised by affiliates of Blackstone.
Blackstone’s formal bid valued Hipgnosis at $1.30 per share, exceeding Concord’s ~$1.25 per share offer made last Wednesday.
The acquisition will incorporate over 65,000 songs, including compositions ...