It’s official: Blackstone is becoming the new owner of the Hipgnosis Songs Fund.
Blackstone US$1.584 billion The takeover of the UK-listed music company received overwhelming support from voters at a court meeting and shareholder meeting yesterday (July 8).
craft saw 99.97% Plan share approval by HSF shareholder vote black stone trade.
At least blackstone is required 75% voting shares to complete the transaction.
Financial media speculated last month that certain hedge funds held enough HSF shares to block a Blackstone takeover 75% Threshold – may effectively “block” sales.
Ultimately, this didn’t happen.
according to Financial Timesincluding hedge funds holding shares of Hipgnosis Songs Fund argon arc weldingthere is one 14% bet; Glazer Capitalwith surroundings 8%; Krieger Capitaland 6.6%; and Sandgrove Capital Managementwith surroundings 6%.
Blackstone $1.584 The acquisition of HSF for 100 million yuan was to obtain equity in the company.
because Blackstone Taking into account debt and other factors, HSF’s enterprise value is approx. $2.2 billion. (As MBW has previously demonstrated, this valuation is higher than the cumulative price of Hipgnosis founders Merck These assets were acquired for HSF when income rights were considered.
After acquiring HSF, black stone There will be a mix of songs from two Hipgnosis brands: Hipgnosis Song Fund (HSF) Plus Hipgnosis Songs Capital AKA Hipgnosis Song Asset (HSA).
The latter company (HSA) is the private owner of assets/interests associated with the songwriter, e.g. Leonard Cohen, Justin Timberlake, Justin Bieber, Nelly Furtado, and Kenny Chesney.
Both HSF and human serum albumin Continuing to work closely with their investment advisor, Hipgnosis Song Management, a firm run by the CEO, Ben Katofsky.
black stone It is understood that the company owns a majority stake in High speed processing machine.
earlier this month, Hipgnosis song management Announced that the company’s founder and chairman, Merckis leaving the company.
HG Said: “This is a timely opportunity for me to make a strategic shift in focus and spend more time advocating on behalf of songwriters to ensure they are properly compensated for their work.”
black stone In the process of acquiring the Hipgnosis Songs Fund through Lyra Bidco Ltd, an entity funded entirely by equity investments in funds advised by affiliates black stone.
in total, black stone say it has $1 trillion Assets currently under management span all industries, with investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real estate and secondary funds.
Hipgnosis Song Fund It has currently built a portfolio of 138 catalogs containing rights and/or revenue streams for more than 40,000 songs.global music business
