Merck Mercuriadis to step down as chair of Hipgnosis Song Management

Effective once Blackstone deal is confirmed

Hipgnosis Song Management (HSM) founder Merck Mercuriadis has handed in his notice and is stepping down as chair.

According to HSM, Mercuriadis' departure will become effective once the takeover by Blackstone is finalised. Hipgnosis Songs fund (SONG) was purchased by Lyra Bidco Limited, a company owned by Blackstone-managed funds, for $1.58bn, which Hipgnosis directors have unanimously backed and urged shareholders to approve. HSM is the company and investment manager for SONG, which Mercuriadis also oversees. Mercuriadis previously stepped down as CEO of HSM back in February, which came as discontent between the firm and then newly appointed SONG board entered the public realm. He said: "S...