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Blackstone Completes Acquisition of Hipgnosis Songs Fund
Blackstone completed its acquisition of Hipgnosis Songs Fund, leading the latter's shares to be suspended from trading.
With the acquisition effective, Robert Naylor, Cindy Rampersaud, Francis Keeling, Christopher Mills and Simon Holden resigned from the HSF board. Under the deal, Blackstone took a stake in HSM, the investment advisor to HSF, and formed Hipgnosis Songs Capital (HSC). Shareholders were frustrated by a series of missteps and voted against continuation in 2023, which prompted HSF’s board to conduct a strategic review that produced evidence of overstated revenue and earnings.
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