US image agency Getty Images is expected to return to the stock exchange after 13 years. The company is said to be slipping into an empty shell (SPAC), behind which is asset manager Neuberger Berman and financial investor CVC Capital. On Friday, the two parties said the merger with CC Neuberger Principle Holdings would be valued at $4.8 billion (€4.2 billion).
In a “backdoor IPO,” as the SPAC transaction has been described, Getty will be provided with up to $1.2 billion in new capital.
The billionaire Getty family, which bought the company founded by Mark Getty in 1995, in 2018 from financial investor Carlyle for just under $3 billion, wanted to remain just as committed as the family holding company owned by Koch Industries, which also joined in 2018. The statement said. Mark Getty remains Chairman of the Board of Directors. SPAC (Special Purpose Acquisition Company) CC Neuberger’s flagship holding went public in July 2020 and raised $828 million in search of acquisition property.
Getty Images was actually listed until 2008 when financial investor Hellman & Friedman took over the agency. The company, to which the “iStock” and “Unsplash” brands belong, competes with Reuters news agency, among others, when it comes to photos and motion pictures.
“Total coffee aficionado. Travel buff. Music ninja. Bacon nerd. Beeraholic.”
More Stories
AMAG with sales and profits declining in the first quarter
Traditional FC Salzburg: Reaching old successes with a new coach?
Harald Wiel will take over as Group Vice President IT at Greiner from June 2024