Ashurst advises on US$1.4 billion recommended takeover of Hipgnosis Songs Fund by Concord

Global law firm Ashurst is advising J.P. Morgan Cazenove, as financial adviser to Concord Chorus Limited, an entity indirectly controlled by Alchemy Copyrights, LLC, trading as Concord ('Concord'), on the recommended cash offer by Concord to acquire the entire issued, and to be issued, share capital of Hipgnosis Songs Fund Limited ('Hipgnosis'). It is intended that the acquisition will be implemented by means of a Court-sanctioned scheme of arrangement in Guernsey under Part VIII of the Companies Law.

Concord has been an active acquirer of music rights and companies for over a decade, with a proven track record of strategic acquisitions and catalogue expansion. Since launch, Hipgnosis has built a portfolio currently comprising 138 catalgoues with more than 40,000 songs, containing copyright and income streams derived from compositions performed by some of the top artists of the last 50 years.

Concord and its management have followed the progression of Hipgnosis since IPO and believe that Hipgnosis' assets complement Concord's long-standing objective to acquire high quality and long-term music assets. Concord intends to implement the acquisition with the support of its long-term financing partner, Apollo Global Management, Inc. via certain investment funds, accounts or entities managed, advised and/or affiliated with and/or owned or controlled by Apollo Capital Management, and/or one or more of its affiliates.

The Ashurst team is being led by partner Tom Mercer and counsel Darren Phelan, supported by senior associate Maria McAlister and associates Colin Bugler, Lucy McLaughlan, Aoife Weir, Sandile Sibiya and Patrick Chambers.