Photo Credit: David Vincent
As the $1.6 billion acquisition by Blackstone finalizes, the Hipgnosis Songs Fund will delist from the London Stock Exchange on July 30. Here’s the latest.
A bidding war over Hipgnosis Songs Fund earlier this year saw Blackstone emerge victorious, after Concord bowed out. Hipgnosis shareholders voted in favor of the $1.6 billion acquisition bid for the company in a “court-sanctioned scheme of arrangement” according to the documents.
“Applications have been made to the London Stock Exchange for the suspension, and subsequent cancellation, of the admission to trading of Hipgnosis Shares on the main market and to the Financial Conduct Authority for the cancellation of the listing of the Hipgnosis Shares on the Official List,” the scheme of arrangement reads. “The suspension of Hipgnosis shares from the Official List and of dealings in Hipgnosis shares on the Main market are expected to take effect from 7:30 am on July 29, 2024.”
“Once suspended, it is not expected that trading in Hipgnosis shares will recommence and therefore the last day of dealings in, and for the registration of transfers of, Hipgnosis shares on the London Stock Exchange, and disablement of Hipgnosis shares in CREST, will be July 26, 2024.”
With this acquisition, Blackstone will own both Hipgnosis Songs Fund and Hipgnosis Songs Capital. Hipgnosis Songs capital is the private owner of assets associated with songwriters including Leonard Cohen, Justin Timberlake, Justin Bieber, Nelly Furtado, Kenny Chesney, and more. Both Hipgnosis Songs Fund and Hipgnosis Songs Assets continue to work closely with Hipgnosis Songs Management—of which Blackstone is also the majority owner.
Blackstone has more than $1 trillion in assets under management across many different sectors focused on private equity, real estate, growth equity, public debt and equity, and several others. The Hipgnosis Songs Fund owns rights to songs by Neil Young, Journey, Lindsey Buckingham, Red Hot Chili Peppers, Shakira, Blondie, and many other artists.