Blackstone Europe: Lyra Bidco, Hipgnosis Agree On Terms Of Recommended Cash Acquisition

(RTTNews) - The boards of Lyra Bidco and Hipgnosis Songs Fund have reached agreement on the terms and conditions of a recommended cash acquisition by Lyra Bidco of the entire issued, and to be issued, ordinary share capital of Hipgnosis. Lyra Bidco is a newly-formed company indirectly wholly-owned by investment funds advised by affiliates of Blackstone Inc. Each Hipgnosis shareholder will be entitled to receive: for each Hipgnosis share: $1.30 in cash. The deal values Hipgnosis' entire issued, and to be issued, ordinary share capital at approximately $1.57 billion.

The Hipgnosis Directors intend to recommend unanimously that Hipgnosis shareholders should accept or procure the acceptance of the offer. The Hipgnosis Directors have decided to withdraw their recommendation of the Concord revised offer.