(Reuters) - Blackstone has agreed to acquire Hipgnosis Songs Fund for about $1.57 billion, after the private equity giant outbid rival suitor Concord in the takeover battle for the music owner of artists such as Shakira and Red Hot Chili Peppers.
Blackstone's formal offer valued the music rights investor at $1.30 per share, higher than Concord's $1.25 per share offer last Wednesday.
Hipgnosis' board plans to back Blackstone's offer and withdrew its recommendation for Nashville-based music firm Concord.
(Reporting by Prerna Bedi and Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)
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