Blackstone Set to Acquire Hipgnosis Songs for $1.6 Billion After Outbidding Concord

May 9, 2024, 08:05 AM

Blackstone has emerged as the likely winner in the acquisition of UK-based Hipgnosis Songs Fund, following a competitive bidding process. Concord, backed by Apollo, declared its final offer at $1.25 per share, which was lower than Blackstone's bid. This decision by Concord effectively ends the bidding war, positioning Blackstone to take over the music rights company. The deal is valued at approximately $1.6 billion.