Sept 8 Reuters Alchemy Copyrights has agreed to buy music copyrightfocussed investment firm Round Hill Music Royalty Fund for about 468.8 million, the companies said on Friday, giving it access to songs including Backstreet Boys39; I Want It That Way.

Shareholders in Round Hill Music will get 1.15 in cash per scheme share, representing a premium of about 67 to the stock39;s closing price on Thursday.

Alchemy Copyrights, trading as Concord, is an acquirer of music rights and companies, with transactions spanning recorded music, music publishing and theatricals.

Round Hill Music39;s portfolio of music rights comprises 51 catalogues with a collection of more than 150,000 songs, including Backstreet Boys39; I Want It That Way and the Beatles39; She Loves You.

Guernseybased Round Hill Music has seen shares slide this past year due to inflationary pressures and a higher interest rate environment, which have impacted many listed alternative investment companies.

The deal has the backing of the board, which plans to recommend shareholders to vote in favour of the deal.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio D39;Souza and Sherry JacobPhillips

Source Reuters