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Done deal: Blackstone is the brand new proprietor of Hipgnosis Songs Fund, as 99.97% of HSF shareholders vote to promote firm to funding big

Jul 9, 2024 | blog

It’s official: Blackstone is about to change into the brand new proprietor of USD $1.584 billion bid for the corporate.

Blackstone wanted at the very least 75% of shareholder votes to get the deal over the road.


The breakdown of what number of HSF shareholders voted for the sale to Blackstone vs. in opposition to (supply: Hipgnosis Songs Fund)

The monetary press final month speculated that sure hedge funds — who held sufficient HSF inventory to stop Blackstone from reaching the 75% threshold — may successfully ‘block’ the sale.

In the top, that didn’t come to cross.

According to the FT, hedge funds that owned shares in Hipgnosis Songs Fund included TIG, with a 14% stake; Glazer Capital, with round 8%Kryger Capital, with 6.6%; and Sand Grove Capital Management, with round 6%.

Blackstone’s USD $1.584 billion bid for HSF is for the corporate’s fairness.

Due to Blackstone’s supply, with debt and different concerns taken into consideration, HSF’s enterprise worth sits at round $2.20 billion. (As MBW has beforehand demonstrated, this valuation is larger than the cumulative worth at which Hipgnosis founder Music Business Worldwide

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