Zhitong Finance learned that Blackstone (BX.US) said on Monday that it has agreed to buy Hipgnosis Songs Fund for about 1.57 billion US dollars. The latter is the copyright holder for music by artists such as Shakira and Red Hot Chili Peppers. The two companies said Blackstone's official price for the music copyright investor was $1.30 per share, higher than Concord's offer of $1.25 per share last Wednesday.

Under the agreement, Blackstone's music copyright portfolio will add more than 65,000 songs, including songs by Blondie and Neil Young. Blackstone's copyright portfolio already includes songs by Justin Bieber and Justin Timberlake.

Blackstone, the world's largest private shareholder, made a more favorable offer on Monday. A few days ago, Concord's bid was 10 cents higher than the private stock company and won the Hipgnosis board's support for the deal. However, the fund's board of directors has withdrawn a proposal to buy Nashville-based music company Concord. Kuroishi is a major shareholder of Hipgnosis's investment advisory firm HSM. HSM manages artists and songwriters for the fund and holds a call option that can make a higher offer on Hipgnosis's portfolio if the consulting agreement is terminated. Blackstone's proposal is independent of HSM.

Hipgnosis was founded in 2018 by industry veteran and former CEO Merck Mercuriadis. A strategic evaluation began last year after shareholders voted against continuing to invest in the fund, leading to a period of turbulence and a dispute with HSM over call options.