An investor group led by Blackstone now holds a key piece of the accounting giant, which owns one of music’s most powerful valuation firms.
Following ownership moves at BMI and GMR, SESAC is the latest performance rights organization to receive interest from financial investors as the sector heats up.
With 99.97% of shares voted voting for its $1.6 billion offer, Blackstone now owns 100% of the company that popularized music as an asset class
The private equity giant is sticking to its offer of $1.31 per share, which values Hipgnosis Songs Fund’s share capital at $1.584 billion.
The investment giant raised its offer for the London-listed fund by a penny per share in a new acquisition scheme that incurs lower advisory fees.
This paves the way for Blackstone to add the London-listed catalog company to SESAC, MNRK and other music companies in its portfolio.
Concord said on Thursday it would not raise its bid to beat Blackstone’s $1.6 billion offer for the publicly listed music royalty fund.
Concord’s offer of $1.25 per share has been rejected, with HSF directors now recommending shareholders go with Blackstone.
As Concord and Blackstone vie to acquire the embattled song fund, Merck Mercuriadis’ future with its investment adviser remains unclear.
The board of directors of the music royalty fund say they would switch their support from Concord’s bid to the private equity giant’s offer if Blackstone makes it official.
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