In a striking move reshaping the music royalty landscape, U.S. based Concord Chorus Ltd. has clinched a deal to acquire British counterpart Hipgnosis Songs Fund for $1.4 billion. This all-cash agreement, announced on Thursday, will significantly expand Concord’s music catalog by adding over 1.2 million songs.
Hipgnosis Agrees $1.4B Takeover By US Rival Concord: Financing the Future of Music
The acquisition, under the indirect control of Alchemy Copyrights LLC, is being financed by Concord through a blend of debt and equity orchestrated by Apollo Capital Management LP. Concord’s intricate financial strategy includes a $1.16 per share offer—a robust 32.2% premium over Hipgnosis’ last closing price.
Legal Luminaries and the Deal Dynamics
Leading the legal charge for Concord, Reed Smith LLP stands at the helm of the transaction. DLA Piper supports with its formidable team including international finance specialist Mark Dwyer and entertainment finance expert Robert Sherman. Additionally, Mourant Ozannes LLP manages legal matters for Concord in Guernsey.
