Shoosmiths' public markets team advises on $1.6bn takeover amid bidding war
April, 2024 - Milton Keynes, England
Shoosmiths' public markets team, led by partner Nick McCarthy from the firm’s London office, continues to be at the forefront of major public to private deals as it advises Hipgnosis Songs Fund (Hipgnosis) on its latest takeover bid.
Having only recently advised Hipgnosis on the initial $1.4 billion offer from US investment group Concord, all eyes are on the latest deal on the table from US private equity investor Blackstone valuing the fund at around $1.57bn (£1.25bn) and raising the share bid price from $1.25 to $1.30 per share.
Blackstone is one of the world’s largest private equity houses, with significant experience of investing across the media and entertainment sectors - including in music rights with existing links to Hipgnosis. FTSE listed Hipgnsosis was founded by former Beyonce manager Merck Mercuriadis and Chic cofounder Nile Rodgers in 2018, owning rights to some of the music industry’s best-known artists – including the likes of Beyonce, Bon Jovi and Shakira.
The Shoosmiths deal team is led by corporate partners Nick McCarthy and Andrew Millar, with further support from senior associates Ian Lawton, Mandeep Vryaparj, Olivia King, associate Bruce Fitzpatrick and trainees Olivia Ashcroft, Annalise Leech and Abbie Gray.
Nick McCarthy, public markets partner at Shoosmiths, commented: “Shoosmiths continues to support Hipgnosis amongst a highly competitive and fast paced transaction. Our teams are trusted experts when it comes to strategic and high-value public M&A transactions, with significant experience of advising both corporates and financial sponsors on high-profile public takeovers.”
Corporate is one of Shoosmiths’ key strategic pillars and the team has been named the most active law firm advising on M&A deals in the UK (according to Experian Market IQ reports). Across its corporate division, Shoosmiths’ team has bolstered its market leading credentials and reputation for excellence in the mid-market, advising on upwards of 400 transactions a year.
The transaction is subject to customary regulatory approvals and is expected to close in the coming months.
