Hipgnosis Songs shareholders approve $1.58bn Blackstone deal

Sale to be sanctioned at a court hearing

Shareholders of Hipgnosis Songs Fund (SONG) have overwhelmingly backed the sale of the trust to Blackstone for $1.58bn, marking the end of a chapter for the music royalties vehicle.

In a stock exchange notice today (9 July), the board said all resolutions were passed at a court and subsequent general meeting held on Monday (8 July), with 99.97% of votes cast in favour. The vote follows an agreement reached last month between Lyra Bidco, a wholly-owned Blackstone company, and the SONG board for an increased and revised recommended all-cash acquisition by the private equity giant.  Under the agreement, each Hipgnosis shareholder will be entitled to receive $1.31 in cash for every share they hold, pushing the total consideration to just over $1.58bn. QuotedData's...