Blackstone increases bid to £1.2bn for Hipgnosis, owner of Blondie music | Business News

Blackstone, the private equity giant, is gearing up for a £1.2 billion takeover bid for the owner of songs performed by music icons like Shakira, the Red Hot Chili Peppers, and Blondie. Sky News has learned that Blackstone has already made several offers to acquire Hipgnosis Songs Fund (HSF), a London-listed music rights investment company.

The initial bids from Blackstone ranged from 82p to 88p per share, but the most recent offer fell slightly below a 93.2p bid from Concord Chorus, a music and theatrical rights company. Despite the competition, Blackstone, advised by Jefferies investment bankers, is considering a higher bid for HSF.

The potential takeover comes amidst a backdrop of turmoil for HSF, with shareholders rejecting the board’s plans last October and a recent review revealing a significant devaluation of its assets. Blackstone already holds a 51% stake in HSF’s investment adviser, Hipgnosis Song Management (HSM), adding complexity to the situation.

While Blackstone remains confident in its position, legal disputes and competing bids have left the outcome uncertain. Artists like Neil Young and Mark Ronson are among those whose catalogues could be affected by the takeover.

As Blackstone and HSF remain tight-lipped about the developments, the music industry watches closely to see how this high-stakes battle for control of valuable music rights will unfold.