2nd Nov 2020 11:03
(Alliance News) - Hipgnosis Songs Fund Ltd on Monday said it has acquired a portfolio of 42 music catalogues from investment fund Kobalt Music Copyrights Sarl for USD322.9 million.
The FTSE 250-listed music catalogue investor said the portfolio includes over 33,000 songs written by around 1,500 songwriters across several genres, including artists such as 50 Cent, Skrillex, Nettwerk and B-52s.
The acquisition was funded through proceeds from the fund's raising of GBP254.2 million back in September, alongside its existing leverage facility.
Following the deal, Hipgnosis now has a portfolio comprising 117 catalogues, and 57,000 songs, with an aggregate acquisition value of GBP1.18 billion.
"Hipgnosis has had a special relationship with Kobalt Music since its inception, so it's only natural that we would eventually make a deal like this for Kobalt Capital's inaugural fund," said Hipgnosis Founder Merck Mercuriadis.
"They are both small catalogues with songs of great cultural importance and an incredibly high degree of success within them from amongst the most important songwriters and artists in music's rich history," Mercuriadis added.
Shares in Hipgnosis Songs Fund were 0.1% lower at 116.88 pence on Monday in London.
By Dayo Laniyan; [email protected]
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