Deals
Concord to Buy Hipgnosis in $1.4 Billion Song Catalog Deal
- Concord’s long term backer Apollo will provide financing
- Hipgnosis struggled to recoup its investment on music rights
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Concord, a music rights investor, has agreed to buy Hipgnosis Songs Fund Ltd. in a deal that values the song catalog company at about $1.4 billion.
The bidders have offered Hipgnosis investors $1.16 per share in cash, representing a premium of 32% from the last closing price, the companies said in a statement on Thursday. Hipgnosis’ board has unanimously agreed to the deal, and said in the statement that it’s unlikely that the share price will increase to reflect the company’s performance because of “numerous company-specific and certain market issues.”