Blackstone wins bidding war for UK music rights firm / Photo: Ethan Miller - GETTY IMAGES NORTH AMERICA/AFP/File
-
India seeks threefold increase in coal stocks to prevent summer power shortages
-
Indian companies report mixed second-quarter results on November 4
-
Indus Towers expands solar-powered network to 50,000 telecom sites
-
KKR secures Indian regulator approval for Gentari Renewables investment
-
Equitas Small Finance Bank rebounds after naming interim chief executive
-
Bharti Airtel revenue expected to grow at double-digit pace in second quarter
-
Titan quarterly profit seen rising as jewellery business drives growth
-
Indian crude-sensitive shares gain after 13% oil-price decline
-
Kuwait finance minister holds economic cooperation talks at COMCEC
-
Stocks and dollar fall as Democratic election gains reshape markets
-
Kuwait marks key events and anniversaries from national history
-
Qatar Tourism joins Pacific Asia Travel Association at London travel market
-
Qatar media bodies discuss support for humanitarian initiatives
-
Pitches and Keynote Speakers Are Confirmed for Blue Magic Netherlands on November 17
Blackstone wins bidding war for UK music rights firm
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.
Ch.Lefebvre--CPN
