June 3 (Reuters) - Blackstone on Monday raised

its offer for Hipgnosis Songs Fund ( HPGSF ) by a cent to $1.31

per share, valuing the music rights owner of artists such as

Shakira and Red Hot Chili Peppers at $1.58 billion.

The revised offer in part reflects "Hipgnosis incurring

lower adviser fees in respect of the transaction than previously

expected", the private equity fund said in a statement.

Blackstone, which won Hipgnosis's board backing for the deal

in April, said the deal is expected to close by June 14.

Apollo-backed Concord terminated its proposed $1.51 billion

offer for Hipgnosis last month.