Bon Jovi's Richie Sambora sells his songs to Hipgnosis

The FTSE 250 company said it had bought 100% of Sambora's publishing and writer's royalties for 186 songs written for Bon Jovi, his solo records and other artists.

The deal includes Sambora's contributions to 12 Bon Jovi studio LPs, including the band's breakthrough 1986 release Slippery When Wet. The album, which features Livin' on a Prayer, sold more than 28m copies and is one of the top 10 most streamed albums of the past 35 years.

Merck Mercuriadis, founder of Hipgnosis Songs Fund, said: "In uncertain times such as this you are reminded of the power of great songs and great music and amongst the greatest set of songs of the last 35 years are the incomparable songs Richie Sambora co-wrote for Bon Jovi and other great artists."

Sambora has also released three solo albums and written number one country songs for Jennifer Nettles and Leann Rimes. He wrote songs on Cher's self-titled 1987 comeback LP and its follow-up Heart of Stone. He left Bon Jovi in 2013.

Hipgnosis Songs Fund is an investment company that buys up the rights to pop songs and then receives royalty payments from sales and other uses of those songs. Its catalogue includes songs written by Dave Stewart of the Eurythmics and Bernard Edwards, co-founder of Chic.

Sambora said: "These songs are very important to me and I feel very strongly that Merck is the only person I could have entrusted my babies to."