June 3 Reuters Blackstone on Monday raised its offer for Hipgnosis Songs Fund by a cent to 1.31 per share, valuing the music rights owner of artists such as Shakira and Red Hot Chili Peppers at 1.58 billion.

The revised offer in part reflects Hipgnosis incurring lower adviser fees in respect of the transaction than previously expected, the private equity fund said in a statement.

Blackstone, which won Hipgnosis39;s board backing for the deal in April, said the deal is expected to close by June 14.

Apollobacked Concord terminated its proposed 1.51 billion offer for Hipgnosis last month.

Reporting by Anchal Rana in Bengaluru; Editing by Mrigank Dhaniwala

Source Reuters