A newly-formed company backed by affiliates of asset management giant Blackstone has reached an agreement to acquire music catalogue firm Hipgnosis.
The boards of Hipgnosis Songs Fund and Lyra Bidco have agreed the terms and conditions of a recommended cash acquisition of Hipgnosis' entire issued - and to be issued - ordinary share capital.
The deal values Hipgnosis at $1.57 billion. Each Hipgnosis shareholder will be entitled to receive $1.30 in cash per share.
The Hipgnosis directors intend to recommend unanimously that Hipgnosis shareholders should accept or procure the acceptance of the offer.
They have also decided to withdraw their recommendation of the Concord revised offer.