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Getty Images agrees to be bought by private equity firm for about $2.1B

Getty Images agrees to be bought by private equity firm for about $2.1B

Getty Images Inc., which sells stock photography and video footage, said Monday it has agreed to a $2.1 billion (euro1.42 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.
Getty shares climbed $7.66, or 31.3 percent, to $32.11 in morning trading Monday.
Based on Getty's 61 million fully-diluted shares, the cash offer is worth almost $2.1 billion (euro1.42 billion). The buyer is also assuming about $300 million (euro202.5 million) in debt, pushing the total value of the transaction to $2.4 billion (euro1.62 billion).
The deal requires shareholder approval. Closing is expected in the second quarter.
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Updated : 2021-08-05 18:33 GMT+08:00