By Lisa Kerner
Charlotte, N.C., Feb. 25 - Getty Images Inc. agreed to be acquired by affiliates of Hellman & Friedman LLC for $34 per share in a transaction valued at approximately $2.4 billion, including debt.
The per-share price represents a premium of some 55% over Getty Images' closing price on Jan. 18, the last trading day before the company announced that it was exploring strategic alternatives.
Getty Images' board of directors is recommending its stockholders approve the transaction, which is slated to close in the second quarter.
Company co-founder and chairman Mark Getty, Getty Investments and certain affiliates collectively owning 15% of Getty Images' shares have agreed to vote in favor of the deal with the private equity firm.
Goldman, Sachs & Co. advised Getty Images. Barclays Capital and RBS Greenwich Capital advised Hellman & Friedman.
Seattle-based Getty Images creates and distributes visual content.
| Acquirer: | Hellman & Friedman LLC
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| Target: | Getty Images Inc.
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| Announcement date: | Feb. 25
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| Transaction total: | $2.4 billion
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| Price per share: | $34.00
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| Expected closing: | Second quarter of 2008
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| Stock price of target: | NYSE: GYI: $24.45 on Feb. 22
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