Hipgnosis Songs Fund Limited has been acquired by Lyra Bidco Limited, a newly-formed company indirectly wholly-owned by investment funds advised by affiliates of Blackstone Inc. The acquisition was implemented through a Court-sanctioned scheme of arrangement under Part VIII of the Companies (Guernsey) Law, 2008. The Scheme became effective after the requisite majorities of Scheme Shareholders and Shareholders voted in favor of all resolutions necessary to approve and give effect to the Scheme.
As a result of the Scheme becoming effective, the admission of the Hipgnosis Shares to the Official List and to trading on the Main Market was suspended, and share certificates in respect of Hipgnosis Shares have ceased to be valid. The company has made applications for the cancellation of the listing of Hipgnosis Shares from the Official List and for the cancellation of the admission to trading of Hipgnosis Shares on the Main Market.
In accordance with the terms of the Scheme, Scheme Shareholders will be entitled to receive $1.31 in cash for each Scheme Share held. Settlement of the cash consideration will be effected not later than 14 days after the Effective Date. Additionally, as a result of the Scheme becoming effective, several board changes have been announced, with new appointments to the Hipgnosis Board.
Enquiries regarding the acquisition can be directed to the relevant parties involved in the process. Singer Capital Markets Advisory LLP acted as the sole Rule 3 adviser, financial adviser, and corporate broker exclusively for Hipgnosis in connection with the acquisition. Kirkland & Ellis International LLP acted as the legal adviser to Bidco and Blackstone in connection with the Acquisition.
This acquisition marks a significant development for Hipgnosis Songs Fund Limited, and the company will undergo changes in ownership, share trading, and board composition as a result of the acquisition by Lyra Bidco Limited.