Getty Images announced its plans to go public through a merger with a special purpose acquisition company (SPAC), CC Neuberger Principal Holdings II PRPB, which values the photography and optics company at $ 4.8 billion.
The share of CC Neuberger, which started trading in September 2020, records a 2.1% increase in pre-conference trading.
Under the terms of the deal, the total $ 1.2 billion equity investment raised in the deal will be used to repay existing debt and capitalize on Getty’s balance sheet.
Once the deal is finalized, which is expected to happen in the first half of 2022, Getty Images will start trading on the NYSE with the GETY symbol and current CEO Craig Peters will continue to lead the company.
“We are excited to be working with CC Neuberger,” Peters said.
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Source From: Capital
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