Hipgnosis Songs Fund's sale to Blackstone for $1.6 billion was overwhelmingly approved by Hipgnosis shareholders on Monday, July 8.
Six years after going public on the London Stock exchange, a majority of Hipgnosis Songs Fund shareholders voted on Monday to sell the fund to Blackstone for $1.6 billion, according to a regulatory filing.
According to the filing, 99.97% of shares voted voting in favor of selling to the private equity giant–59.21% of eligible voting shares participated in the vote.The decision by a majority of Hipgnosis investors to sell to private equity follows a similar decision by Round Hill Music Royalty Fund investors, who voted to sell to Concord Music Group for $469 million last September. Both funds provided pure-play investment in music copyrights, and both were taken private in under seven years.
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