The company’s shares, which have fallen more than 45% from their 2021 peak, rose 31% to 92.5 pence ($1.15) in early trading, when news of the deal broke.
Hipgnosis Songs Fund launched a strategic review last year, leading to a board overhaul after shareholders rejected the fund’s proposed $440m sale of 29 catalogues to Hipgnosis Songs Capital – a partnership between Blackstone and the fund’s investment adviser Hipgnosis Song Management (HSM).
Concord will take over the management of Hipgnosis’ assets — which includes the catalogues of artists including Shakira and Neil Young — after the deal completes and following a “short transition” period with HSM