All 145 of her songs, including Hips Don't Lie, Whenever, Wherever and She Wolf, are included in the deal.
The songs have made her the best-selling female Latin artist of all time. The three-time Grammy Award winner – famous for her songs such as Hips Don’t Lie; Whenever, Wherever; Underneath Your Clothes and 2010 FIFA World Cup song Waka Waka (This Time For Africa) – has sold over 80 million records and has a strong following on music streaming platforms Spotify and YouTube.
In a statement, the Colombian said Hipgnosis would be a "great home" for her music, and waxed lyrical about her love of songwriting.
"Being a songwriter is an accomplishment that I consider equal to and perhaps even greater than being a singer and an artist, " she said.
"At eight years old - long before I sang - I wrote to make sense of the world. Each song is a reflection of the person I was at the time that I wrote it, but once a song is out in the world, it belongs not only to me but to those who appreciate it as well.
"I'm humbled that songwriting has given me the privilege of communicating with others, of being a part of something bigger than myself."
Bob Dylan sold his back catalogue last month and he has been followed by others, such as Neil Young.
A surge in online music streaming, which has sent several old hits back to the top of today’s charts, has added to the draw for investors. JPMorgan said Hipgnosis was an attractive investment given its long-term revenues due to copyright laws.
Hipgnosis founder Merck Mercuriadis hailed the deal with Shakira, calling her “the Queen of Latin Music”.
“What no one should ever take for granted is that she is one of the most serious and successful songwriters of the last 25 years, having written or co-written virtually every song she has ever recorded,” he said.