(Reuters) – Blackstone on Monday raised its offer for Hipgnosis Songs Fund by a cent to $1.31 per share, valuing the music rights owner of artists such as Shakira and Red Hot Chili Peppers at $1.58 billion.
The revised offer in part reflects “Hipgnosis incurring lower adviser fees in respect of the transaction than previously expected”, the private equity fund said in a statement.
Blackstone, which won Hipgnosis’s board backing for the deal in April, said the deal is expected to close by June 14.
Apollo-backed Concord terminated its proposed $1.51 billion offer for Hipgnosis last month.
(Reporting by Anchal Rana in Bengaluru; Editing by Mrigank Dhaniwala)
