Hipgnosis shareholders will vote on the scheme at upcoming court and general meetings, with details to be provided by June 14. The board of Hipgnosis expressed confidence in the revised terms, deeming them “fair and reasonable,” and unanimously recommended that shareholders vote in favor of the scheme.
The U.K.’s Competition and Markets Authority has not raised any concerns with the proposed deal, clearing a potential regulatory hurdle. Hipgnosis, with a portfolio of approximately 150 music catalogs containing over 40,000 songs and a net asset value exceeding $3 billion, remains a lucrative target in the music rights sector.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, remarked on the deal’s significance for investors, noting that while some may have hoped for a higher bid from rival suitors, the current offer represents a positive outcome.
Kirkland & Ellis LLP is advising Blackstone, while Shoosmiths LLP and Carey Olsen LLP serve as legal advisers to Hipgnosis in the U.K. and Guernsey, respectively.
