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Blackstone Wins Shareholder Support to Buy Hipgnosis Songs Fund
Hipgnosis Songs Fund's sale to Blackstone for $1.6 billion was overwhelmingly approved by Hipgnosis shareholders on Monday, July 8.
The vote ends a roller coaster year for shareholders and the fund’s board, which initiated the search for external buyers to appease investors who, frustrated by the fund’s low stock price and the cancellation of its dividend, voted against continuation last September. The decision by a majority of Hipgnosis investors to sell to private equity follows a similar decision by Round Hill Music Royalty Fund investors, who voted to sell to Concord Music Group for $469 million last September. The trillion-dollar global investment giant initially became involved with Hipgnosis in 2021 when senior managing director at Blackstone Tactical Opportunities Qasim Abbas launched a private acquisition fund with HSF founder Merck Mercuriadis.
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