Getty Images announced today (Friday) that it intends to go public through a merger with Spac Sissy Neuberger (CC Neuberger Principal Holdings), valued at $ 4.8 billion. This is according to a report in Bloomberg and MarketWatch.
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Sisi Neuberger shares, which began trading in September 2020, are up 2.1% in early trading. Under the agreement between the companies, they are interested in raising $ 1.2 billion to be used to pay off existing debts and stabilize Getty’s balance sheet. Getty’s value in the deal is estimated at 15.2 times its estimated value of $ 315 million.
Getty, formed 26 years ago, initially preferred a traditional initial public offering (IPO) before choosing CC Neuberger, which would invest $ 600 million in the deal, CEO Craig Peters said in an interview. Of 2022 – Getty will be listed on the New York Stock Exchange (NYSE) under the symbol GETY. Peters, who joined it in 2007 and was named CEO in 2019, will continue to lead.
“We are excited to become partners in CC Neuberger Principal Holdings II,” Peters said. “Alongside the Getty Images family and Koch Equity Development LLC, we have long-term committed shareholders who are excited to realize the many opportunities ahead.”
Getty became private after being acquired by Hellman & Friedman in a $ 2.4 billion deal in 2008. Hellman and Friedman sold controlling shares in Carlyle Group Inc. for $ 3.3 billion in 2012. The Getty family took over the company in 2018, when it acquired Carlyle’s holding. Later that year, the investment arm of Koch Industries Inc.’s acquired a minority stake in the company, according to the company’s statement.
Sisi Neuberger shares have fallen 4.9% this year, while the S&P 500 has risen 24.3% since the beginning of the year.
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