Carlyle and management to acquire Getty Images for USD3.3bn
The Carlyle Group and Getty Images management have formed a partnership to acquire Getty Images, a creator and distributor of still imagery, video and multimedia products, from Hellman & Friedman for USD3.3bn.
Carlyle will acquire a controlling stake in Getty Images, while Getty Images co-founder and chairman Mark Getty and the Getty family will roll substantially all of their ownership interests into the transaction.
Getty Images management, including co-founder and chief executive officer Jonathan Klein (pictured), will also invest significant equity in the company.
“Getty Images consistently demonstrates growth, leadership and prominence as one of the world’s leading media companies. This partnership with The Carlyle Group reflects and bolsters our ongoing strategy, strong management team and the talent of our dedicated employees. We are delighted to collaborate with Carlyle, with its formidable pedigree and success, and take the business into its next phase of development and growth,” says Klein.
Eliot Merrill, managing director of The Carlyle Group, says: “Getty Images is the premier, digital global marketplace for commercial visual content. We look forward to partnering with Mark Getty, Jonathan Klein and the talented Getty Images management team. We will harness Carlyle's financial resources and global network to help take Getty Images to the next stage of product innovation and global growth.”
Carlyle Partners V, a USD13.7bn US buyout fund, will provide equity financing for the investment. JP Morgan, Barclays, Credit Suisse, Goldman Sachs and RBC Capital Markets have provided committed debt financing for the transaction. The transaction is subject to customary regulatory approvals and is expected to close in 2012.
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