Getty Images said Friday it will merge with a blank-check firm backed by Neuberger Berman in a deal that values the supplier of stock photos and videos, including loans, about $4.8 billion, which will go public after 13 years. Marks its return to the markets.
The deal with CC Neuberger Principal Holdings II, which is also backed by CC Capital, will provide the company with up to $1.2 billion in income, including funds from a Special Purpose Acquisition Company (SPAC) trust account and $150 million in publicly traded private investments. is included. Equity.
Getty, whose photo services are used by media organizations globally, was bought by private equity firm Hellman & Friedman in 2008 and four years later by the Carlyle Group in a $3.3 billion deal.
In 2018, the Getty family took control of the company by acquiring a stake in the Carlyle Group, which was valued at approximately $3 billion.
A SPAC is a publicly listed shell company that raises funds to merge with a private company with the intention of taking it public within two years of floating its shares.
Getty, whose debt swelled during that decade under control of private equity companies, said the merger would reduce debt and increase cash flow to help grow its business.
Founded in 1995 by Mark Getty and Jonathan Klein, the company’s brands include iStock, its value offering for medium-sized businesses and individuals, and Unsplash, which Getty acquired earlier this year. It competes with Reuters News and the Associated Press in the market for images for editorial use.
Craig Peters, Getty’s chief executive officer since 2019, will continue to lead the company even after the merger.
Following the expected closing of the deal in the first half of next year, Getty will be listed on the New York Stock Exchange under the ticker symbol “Getty”.
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