Hipgnosis Songs Fund, home to the catalogue of artists such as Neil Young, Shakira and Red Hot Chili Peppers, agreed to a $1.4bn takeover by Apollo-backed music company Concord Chorus.

Under the deal, accepting shareholders of the London-listed song catalog fund will get $1.16 in cash for each share held, or about 93.2 pence, the companies said on 18 April.