LONDON: 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.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: The Times May 09, 2024 09:40 UTC