Blackstone (NYSE:BX) has increased its offer for Hipgnosis Songs Fund by a single cent to $1.31 per share, elevating the valuation of the music rights owner, which boasts artists such as Shakira and Red Hot Chili Peppers, to $1.58 billion.

The updated offer partly reflects a decrease in adviser fees incurred by Hipgnosis for the transaction compared to previous estimates, as stated by the private equity fund in a released statement.

Having secured the board’s support for the deal back in April, Blackstone anticipates the transaction to be finalized by June 14.

Concord, backed by Apollo, withdrew its proposed $1.51 billion bid for Hipgnosis last month.