Kirkland Advises Francisco Partners-Backed Kobalt on Sale to Primary Wave

Kirkland & Ellis advised Francisco Partners-backed Kobalt, one of the world’s premier independent music publishing and technology platforms, on its sale to Primary Wave Music, a leading independent publisher of iconic and legendary music. The transaction includes an investment from Brookfield, a strategic partner to Primary Wave. This deal creates a scaled, independent alternative to traditional publishing models, highlighting Kobalt’s best-in-class royalty platform, amra’s global digital collection vehicle and Primary Wave’s proven ability to grow the value of legendary music IP through creative marketing and other initiatives. Kobalt, under the continued leadership of Laurent Hubert and its current management team, will remain a separate, stand-alone entity. The deal encompasses Kobalt’s worldwide operations, its catalog of owned copyrights and amra (its digital collection operation). The transaction is subject to customary closing conditions and is expected to close in Q3 2026.

Read the transaction press release

The Kirkland team included corporate lawyers Michele Cumpston, Roni Zveiris and Sean Kramer; debt finance lawyers Brian Ford and Alex Straka; tax lawyers Devin Heckman and Allison Bray; antitrust & competition lawyers Matt Reilly and Psalm Cheung; and technology & IP transaction lawyers Seth Traxler and Rory Wellever.