On February 26, 2008, Hellman and Friedman announced an acquisition deal where they would acquire Getty Images Inc. by paying $2.4 billion (approx.).Hellman and Friedman, a reputed private equity firm, have offices both in USA and UK. On February 26, 2008, Hellman and Friedman announced an acquisition deal where they would acquire Getty Images Inc., a leading provider of premium digital content.
Company Profile of Getty Images Inc.Getty Images Inc. is involved in creating and distributing visual content.
The company provides different multimedia products to customers in more than 100 countries.
Details of the Acquisition Deal
The acquisition deal was announced on February 26, 2008. The announcement revealed that Hellman and Friedman was going to acquire Getty Images Inc. by paying $2.4 billion (approx); the value of the transaction includes the assumption of existing debt.The authorities of both companies have signed a definitive merger agreement.
The Board of Directors of Getty Images Inc. have approved the merger decision and have also requested their shareholders to approve the transaction.
This acquisition deal will be completed after receiving the approval of the stockholders of Getty Images Inc., and after fulfillment of customary closing conditions. It is expected that this acquisition deal will close by the second quarter of 2008.
According to the terms and conditions of the agreement, with this acquisition deal the stockholders of Getty Images Inc. would receive $34 per share in cash. This price is determined as a premium of approximately 55% over the closing price on January 18, 2008, which was the last trading day before the company announced the acquisition deal.