Hipgnosis ditches hits by Shakira and Nelly in bid to bolster its share price

By Daily Mail City & Finance Reporter

Updated: 22:01 BST, 14 September 2023

Hipgnosis Songs Fund is selling some of its catalogues, including hits by pop star Shakira and rapper Nelly, for £370million. 

The company said the cash raised in the deal with Blackstone would be used to fund a share buy-back, pay debts and bolster its stock price. 

Shares rose more than 6 per cent in early trading to a near oneyear high but closed down 6.5 per cent, or 6p, at 87p. 

Rewind: Hits by Colombian Shakira (pictured) were among songs offloaded by Hipgnosis Songs Fund

Rewind: Hits by Colombian Shakira (pictured) were among songs offloaded by Hipgnosis Songs Fund

The sale includes a portfolio of 29 music catalogues and a collection of songs to a partnership between its investment adviser and funds advised by the US private equity group. 

Hipgnosis said in July it was considering a ‘strategic sale of catalogues of songs’ to boost its shares. 

Merck Mercuriadis is chief executive and founder of the investment adviser Hipgnosis Song Management (HSM), and holds a minority interest in the buyer, Hipgnosis Songs Capital. 

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