Getty Images said on Friday it will merge with a blank check company, marking its return to the stock market after 13 years.
The deal values Getty Images at about $4.8 billion, including debt. The transaction will be with CC Neuberger Principal Holdings II, and will bring up to $1.2 billion to Getty, including proceeds from a Neuberger account and a $150 million investment.
A blank check company, or SPAC, goes public to raise funds with the intention of merging with a privately held company, making it public with the transaction.
Getty, whose photo services are used by media organizations around the world, was bought by private equity firm Hellman & Friedman in 2008 and acquired by Carlyle four years later in a $3.3 billion deal. .
In 2018, the Getty family took control of the company by acquiring Carlyle’s stake, valuing it at around $3 billion.
Getty said the merger should reduce its debt and increase cash flow to help expand its business.
Founded in 1995, Getty competes with Reuters and the Associated Press in the imagery market for editorial use. The company’s brands include iStock and Unsplash.
Craig Peters, chief executive of Getty since 2019, will continue to lead the company after the merger.
The deal is expected to close in the first half of next year. Thereafter, Getty will be listed on the New York Stock Exchange under the symbol “GETY”.
Reference: CNN Brasil
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