April 29 (Reuters) - Blackstone has agreed to

acquire Hipgnosis Songs Fund ( HPGSF ) for about $1.57 billion,

after the private equity giant outbid rival suitor Concord in

the takeover battle for the music owner of artists such as

Shakira and Red Hot Chili Peppers.

Blackstone's formal offer valued the music rights investor

at $1.30 per share, higher than Concord's $1.25 per share offer

last Wednesday.

Hipgnosis' board plans to back Blackstone's offer and

withdrew its recommendation for Nashville-based music firm

Concord.