Four companies lead KKR’s $ 1.1 billion bet on music rights portfolio

The Latham & Watkins LLP office in Manhattan, New York. REUTERS / Andrew Kelly

Latham & Watkins KKR Representatives
DLA Piper and Manatt advise Dundee Partners
Russells advises Kobalt Capital

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(Reuters) – Four law firms, including Latham & Watkins and DLA Piper, advise private equity firm KKR & Co Inc and family office Dundee Partners in the $ 1.1 billion purchase of a portfolio music rights to Kobalt Capital Ltd.

KKR and the family office of Stephen Hendel, a former Goldman Sachs partner, announced on Tuesday that they have purchased the portfolio, known as KMR Music Royalties II, which contains more than 62,000 copyrights.

The latest deal with KKR builds on the company’s recent investments in music rights portfolios.

KKR has partnered with a corporate transactions team from Latham led by partners Justin Hamill, Kem Ihenacho, Jonathan Solomon and Nathan Davis.

Hamill also co-led the team that guided longtime client KKR in its partnership with music company BMG to acquire the music rights, according to a March press release. Earlier in the year, Hamill worked on KKR’s purchase of a major stake in the music catalog of Ryan Tedder and US pop rock group OneRepublic.

Dundee Partners is working with DLA Piper and Manatt, Phelps & Phillips on the acquisition of KKR.

DLA Piper attorneys are led by business partners Adam Brenner and Jonathan Klein.

The Manatt team is led by entertainment partners Jordan Bromley and Eric Custer.

On the other side of the deal, Kobalt Capital brought in a Russells team led by business partners Chris Gossage and Ryan Vince.

Other advisers to KKR and Dundee Partners include music strategy firm mtheory. KKR was also advised by FTI Consulting, while Jefferies LLC and Inkling Capital LLC advised Dundee Partners.

The acquisition of the portfolio is the latest in a series of deals where investment firms have deployed billions of dollars in music rights portfolios.

Blackstone Inc, run by Kirkland & Ellis, said last week that it had partnered with consultancy firm Hipgnosis Song Management Ltd to initially invest $ 1 billion to acquire the music rights. Stephenson Harwood advised Hipgnosis Song Management.

KKR buys music rights portfolio from Kobalt Capital for $ 1.1 billion

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Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including transactions, litigation and regulatory changes. Contact her at [email protected]

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