Hipgnosis To Be Acquired By Blackstone For $1.2 Billion

The bidding war for Hipgnosis Song Fund continues as Blackstone has agreed to acquire the company for $1.2billion.

The deal will see Blackstone value the music rights investor at $1.30 per share, and has upstaged a previous offer from Concord for the music rights of artists including Shakira, Ed Sheeran, Red Hot Chili Peppers, Neil Young and more. The offer put forward by Concord was $1.25 per share.

Blackstone has already obtained the rights to songs by Justin Bieber and Justin Timberlake, and this deal will see more than 65,000 more tracks added to its catalogue.

As reported by Reuters, Blackstone has also invested in U.S. performance rights organization SESAC , whose affiliates include rock veteran Bob Dylan and 16-time Grammy winner Adele.

Its offer of $1.6billion was made on April 29 and comes days after Concord outbid the firm by 10 cents, and won Hipgnosis’s board supporting for the deal. Hipgnosis has since withdrawn its recommendation for the offer and continued with the offer from Blackstone.

“We are delighted that, following competitive interests in acquiring Hipgnosis, our investors now have a chance to immediately realize their holding at an increased premium,” said Hipgnosis Chairman Robert Naylor in a new statement (via Reuters).