Go get it: Getty to go public in £3.6bn SPAC
Getty Images has agreed to go public 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 (£3.6bn) including debt.
CC Neuberger’s stock, which started trading in September 2020, rallied 2.1 per cent in premarket trading, according to Market Watch.
Under terms of the deal, the total equity investment of $1.2bn raised in the deal will be used to pay down existing debt and capitalise Getty’s balance sheet.
After the deal closes, which is expected to occur in the first half of 2022, Getty Images will be listed on the NYSE under the ticker symbol “GETY,” and current Chief Executive Craig Peters will continue to lead the company, according to Reuters.
“We are excited to partner with CC Neuberger Principal Holdings II,” Peters said. “Alongside the Getty Family and Koch Equity Development LLC, we have committed, long-term shareholders that are excited to pursue the many opportunities in front of us.”