Hipgnosis Songs Fund Sold to Concord for $1.4 Billion

The acquisition by Concord marks a significant shift for Hipgnosis, offering shareholders a substantial premium amid recent financial struggles.

Hipgnosis Songs Fund, recently plagued by financial difficulties and management issues, has been acquired by Concord in a deal valued at $1.4 billion.
Shareholders of Hipgnosis will receive $1.16 per share, a 32% premium over the closing price prior to the announcement.
The deal includes iconic music catalogs from artists like Neil Young and the Red Hot Chili Peppers, enhancing Concord's extensive portfolio.
Concord's acquisition is part of its strategic expansion, having previously purchased Round Hill Royalty Fund and other music assets.
Hipgnosis faced significant challenges prior to the sale, including a sharp decline in share value and scrutiny over its financial practices.