Alexa
  • Directory of Taiwan

Getty Images agrees to be bought by private equity firm for about $2B

Getty Images agrees to be bought by private equity firm for about $2B

Getty Images Inc., which sells stock photography and video footage, said Monday it has agreed to a $2 billion (euro1.35 billion) buyout from the private equity firm Hellman & Friedman LLC.
Getty, founded more than a decade ago, put itself up for sale in January. It is a major creator and distributor of photos and other digital media. Hellman & Friedman has offices in San Francisco, New York and London.
According to an announcement by Getty, Hellman & Friedman has offered $34 (euro22.95) a share in cash for all of Getty's shares, and its board has approved the deal. That is a 55 percent premium over Getty's closing price on Jan. 18, the last trading day before it announced it was looking for a buyer, and a 39 percent premium over Friday's close.
Based on Getty's 59.8 million shares outstanding at the end of the year, the cash offer is worth $2.03 billion (euro1.37 billion).
Including debt being assumed by the buyer, Getty said the deal was worth $2.4 billion (euro1.62 billion).
The deal requires shareholder approval. Closing is expected in the second quarter.
___
On the Web:
http://www.gettyimages.com
http://www.hf.com


Updated : 2021-07-28 23:09 GMT+08:00