Blackstone is poised to increase its bid for the Hipgnosis Songs Fund, enhancing the offer from $1.30 to $1.31 per share, valuing the firm at approximately $1.6 billion, according to sources cited by the Financial Times. This revised bid requires the approval of 75% of Hipgnosis’ voting shareholders as well as consent from the UK Takeover Panel. The announcement of the deal could occur as early as Monday. Blackstone, a majority shareholder in Hipgnosis’ investment adviser HSM, holds a call option to place a higher offer for Hipgnosis’ portfolio if the advisory agreement is terminated. Founded in 2018, Hipgnosis has experienced a period of instability following a shareholder vote against the continuation of the fund, leading to a strategic review initiated last year.

Private Equity, Music Rights Management, Corporate Finance,United Kingdom, United States