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International Business Times
International Business Times
Business
AFP News

Blackstone Wins Bidding War For UK Music Rights Firm

Blackstone United States Hipgnosis United Kingdom Concord Hipgnosis Songs Fund Justin Bieber Neil Young Shakira
Hipgnosis manages the rights to more than 150 of the world's biggest song catalogues, including Justin Bieber, Shakira and Neil Young. (Credit: AFP)

US private equity firm Blackstone emerged victorious Thursday in a takeover battle for struggling UK music rights owner Hipgnosis Songs Fund, after American group Concord refrained from improving its bid.

Concord, a rival to Hipgnosis, said in a statement that it would not hike its $1.5-billion bid after Blackstone agreed a $1.6-billion offer.

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