Hipgnosis Songs Fund agrees $1.4bn sale to rival Concord

$1.16 per share

Concord Music, a music and theatrical rights firm indirectly controlled by Alchemy Copyrights, has agreed to purchase Hipgnosis Songs Fund (SONG) for $1.4bn.

SONG investors will each receive $1.16 per share in cash, representing a 32% premium based on yesterday's (17 March) closing price of £0.71, but only a 4.3% premium to SONG's adjusted net asset value per share as of 30 September 2023 of $1.11. Double counting forces Hipgnosis to further slash portfolio value At the time of publishing, SONG's share price had risen almost 32% since markets opened, according to data from MarketWatch. US private equity group Apollo has committed to providing financing for the acquisition through debt, and is taking a minority stake in the bidding vehic...