Hipgnosis song fund poised to be sold to ally of founder

The owner of Beyoncé’s music rights is poised to be sold to a private equity ally of its founder after a rival bidder conceded defeat.

Us-based Concord Music, which last month tabled a $1.25 (£1) per share bid for Hipgnosis, said yesterday that its offer was final and would not be raised.

The move brings a bidding war to an end and clears the way for Blackstone to take control of the music rights fund. It has tabled a higher $1.30 per share offer, which values Hipgnosis at about $1.6bn and has been unanimously recommended by the company’s board.

If confirmed, the deal will see power consolidated with Merck Mercuriadis, the controversial founder of Hipgnosis who has close ties to Blackstone.