Hipgnosis, the venture-capitalist upstart that in recent years acquired the catalogs of Leonard Cohen, Justin Bieber, the Red Hot Chili Peppers, and many others, has sold its assets to Blackstone for $1.6 billion, The New York Times reports. CEO and co-founder Merck Mercuriadis is stepping down from the company.

Blackstone’s acquisition follows a bidding war that was nearly won by Concord back in April, when it reached a tentative deal with Hipgnosis Songs Fund to buy its assets for $1.4 billion. But Blackstone’s recent bid—offering $1.31 per share of Hipgnosis—was ultimately victorious. The Hipgnosis Songs Fund board voted on Monday (July 8) to accept Blackstone’s offer.

Back in 2021, Blackstone invested $1 billion into Hipgnosis Song Management, an investment advisor to Hipgnosis Songs Fund, which functioned as an investment trust. The hefty investment positioned Blackstone to take majority control over Hipgnosis Song Management.

Mercuriadis, who had been running Hipgnosis Song Management, was accused of overpaying for a large portion of the catalog acquisitions in a third party financial review published earlier this year.

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