Getty Images to return to public markets in near $5bn SPAC deal

Getty Images on Friday agreed to return to public markets through a merger with a blank-check firm backed by CC Capital and Neuberger Berman, in a deal valuing the supplier of stock photos and videos at about $4.8bn including debt.

The deal with CC Neuberger Principal Holdings II PRPB.N will provide the company with proceeds of up to $1.2 billion, including funds from the special purpose acquisition company’s (SPAC) trust account and a $150 million private investment in public equity.

Getty was bought out by private equity firm Hellman & Friedman in 2008. In 2018, the Getty family took control of the company by acquiring Carlyle Group’s stake, valuing it below $3 billion.

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A SPAC is a publicly listed shell company that raises funds with the intention of merging with a private company to take it public within two years of floating its shares.

After the deal closes, Getty will list on the New York Stock Exchange under the ticker symbol “GETY.”

Source: Nasdaq

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