Hipgnosis Songs Fund, home to the catalogue of artists such as Neil Young, Shakira and Red Hot Chili Peppers, agreed to an improved $1.57bn takeover by Blackstone, trumping a rival bid from Apollo-backed music company Concord Chorus.

Hipgnosis said on 29 April that accepting shareholders will get $1.30 in cash for each share held compared with $1.25 under the Concord offer agreed to on 24 April, and Blackstone’s previous offer of $1.24.