Getty announce completion of its acquisition by The Carlyle Group
Getty Images today announced the completion of its acquisition by The Carlyle Group (NASDAQ: CG), in a transaction valued at approximately $3.3 billion.
With the completion of the transaction, The Carlyle Group has acquired a controlling stake in Getty Images. Getty Images Co-Founder and Chairman Mark Getty and the Getty family have rolled substantially all of their ownership interests into the acquisition. Getty Images management, including Co-Founder and Chief Executive Officer Jonathan Klein, has invested significant equity in the company.
“We are pleased to announce the completion of this transaction in partnership with The Carlyle Group,” Jonathan Klein, Co-Founder and Chief Executive Officer of Getty Images said. “The Carlyle Group’s global resources and network will be a great help to us as we move Getty Images forward into the next phase of our development and growth.”
Eliot Merrill, Managing Director of The Carlyle Group, said, “In the last seventeen years, Getty Images has established itself as a leading digital media company and a business steeped in innovation. We look forward to partnering with Getty Images’ experienced and talented management team in expanding the company’s global footprint.”
Carlyle Partners V, L.P. a $13.7 billion U.S. buyout fund, provided equity financing for the investment. J.P. Morgan, Barclays, Credit Suisse, Goldman, Sachs and Co, HSBC, Nomura and RBC Capital Markets provided debt financing for the transaction.
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