Hipgnosis shares rise on striking $1.6 bln deal with Blackstone

** Shares of Hipgnosis Songs Fund SONC up 2.3% at 106.2p

** US-listed Blackstone BX has agreed to acquire SONG for about $1.57 bln

** BX trumps Nashville-based music firm Concord's previous proposal and valued the shares of Hipgnosis at $1.30 apiece

** Board of the music rights investment firm withdrew its recommendation for Concord's offer

** Shares of SONG rose ~48% in 2024