Music rights investor Hipgnosis is set to be acquired by private equity giant Blackstone for $1.6billion (£1.3billion) after rival suitor Concord effectively conceded defeat.

Last month Hipgnosis, which owns the rights to songs by acts ranging from Blondie to Neil Young, Barry Manilow, the Red Hot Chili Peppers to rapper 50 Cent, accepted a £1.2billion offer from US music investor Concord.

However, Blackstone crashed the deal tabling its offer in late April.

Concord said that its £1.2billion…