Blackstone Buys Hipgnosis Songs Fund for $1.6B

Blackstone successfully secured approval from Hipgnosis Songs Fund (HSF) shareholders for a $1.584 billion acquisition of the UK-listed music company, with an overwhelming 99.97% of Scheme Shares voting in favor. The deal, which places HSF's enterprise value at around $2.20 billion, includes two Hipgnosis-branded song portfolios containing rights from artists like Justin Bieber and Leonard Cohen. The acquisition by Blackstone, through Lyra Bidco Ltd, marks a strategic shift for HSF, with Blackstone set to control the Hipgnosis portfolios and collaborate with Hipgnosis Song Management. Shareholders are expected to receive $1.31 per share, with the deal set to be finalized by the end of July, following Blackstone's increased bid and approval from the majority of investors.