(Reuters) – Blackstone (NYSE:) on Monday raised its offer for the Hipgnosis Songs Fund by a cent to $1.31 a share, valuing the owner of music rights to artists such as Shakira and the Red Hot Chili Peppers at $1.58 billion.
The revised offer partly reflects “Hipgnosis is accepting lower advisory fees in relation to the transaction than previously expected,” the private equity fund said in a statement.
Blackstone, which secured support from Hipgnosis’ board of directors in April, said the deal is expected to close by June 14.
Last month, Apollo-backed Concord terminated its proposed $1.51 billion bid for Hipgnosis.