Decorative pattern

Scheme document published for the £1.27 billion recommended cash offer for Hipgnosis Songs Fund by Blackstone

June 2024

Hipgnosis Songs Fund is a British Guernsey-registered music IP investment and song management company founded by Merck Mercuriadis and Nile Rodgers in 2018.

Focused on songs and associated musical intellectual property rights, it was founded on the premise that hit songs are long-term predictable assets unaffected by economic cycles that will increase in value as the worldwide music streaming market grows. In addition to acquiring songs and songwriter catalogues from artists including Beyoncé, Red Hot Chili Peppers and Neil Young, the company manages the playlist, cover, interpolation, and synchronisation revenues of its IP.

Hipgnosis was listed on the main market of the London Stock Exchange in July 2018 and transferred to the premium segment of the main market in November 2019. It has been a constituent of the FTSE 250 Index since March 2020.

Blackstone Inc. is an American alternative investment management company based in New York City. Its private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. The company is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity.

As of May 2024, Blackstone has more than US$1 trillion in total assets under management making it the largest alternative investment firm globally.

Blackstone was founded in 1985 as a mergers and acquisitions firm by Peter G. Peterson and Stephen A. Schwarzman, who had previously worked together at Lehman Brothers.

Following previous offers and announcements, the boards of directors of Lyra Bidco, a newly formed company indirectly wholly owned by investment funds advised by affiliates of Blackstone, and Hipgnosis announced on 3rd June 2024 that they had reached agreement on the terms and conditions of a revised recommended all cash acquisition by Lyra which had been switched to be implemented by means of a Court-sanctioned scheme of arrangement.


Publication of the Scheme Document

The Perivan shareholder communications team was delighted to work with Singer Capital Markets who acted as sole Rule 3 adviser, financial adviser and corporate broker, Shoosmiths who acted as UK legal adviser in connection with the Acquisition and Carey Olsen (Guernsey) who acted as Guernsey legal adviser to Hipgnosis, on the scheme and associated ancillary documents, which were successfully published and posted to qualifying shareholders on 14th June 2024.

For further information, click here.

Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies and are a market leader for the production of documentation relating to Mergers & Acquisitions.

Start Your Project Today!

Are you ready for us to help you with your next project?

Get in touch
Decorative pattern