(Reuters) - Concord Chorus, a music and theatrical rights firm, has agreed to acquire British music investor Hipgnosis Songs Fund ( HPGSF ) for $1.40 billion, the companies said on Thursday.

Shareholders of Hipgnosis Songs will get $1.16 apiece in cash, representing a premium of about 32% based on current exchange rates, and the company's board plans to unanimously back the deal.

Concord said its financing partner Apollo Global Management ( APO ) will help finance the deal.

Concord is indirectly controlled by Alchemy Copyrights, which acquired music copyright-focussed investment firm Round Hill Music Royalty Fund last year.

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