Simmons advises Jefferies on Blackstone’s $1.57bn Hipgnosis deal

Blackstone is seeking to acquire music rights investor Hipgnosis with an offer of US$1.57bn which has been recommended by the Hipgnosis Board. Under the terms of the acquisition shareholders will receive $1.30 for each Hipgnosis share held.

Blackstone is one of the world's leading investment firms. Its $1 trillion in assets under management as at 31 December 2023 include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds.

Hipgnosis was launched in 2018 to offer investors pure-play exposure to music royalties and their associated intellectual property rights. Since its launch, Hipgnosis has built a portfolio currently comprising 138 catalogues with more than 40,000 songs.

Jefferies is acting as financial adviser to Blackstone as well as to Lyra Bidco Ltd, a company controlled by investment funds advised by affiliates of Blackstone and which is newly formed for the purposes of the acquisition.

The Simmons team advising Jefferies is led by UK Public M&A partner Mark Curtis.

Mark Curtis commented: “We are delighted to have supported Jefferies in its role as financial adviser to Blackstone and bidco and to contribute to this transaction. Our team’s role in this major deal is a further demonstration of our ability to deliver first class advice to support some of the most high profile clients globally.”