Getty Images goes private in $2.4 billion deal

Hellman & Friedman will acquire Getty Images and take the stock-photo powerhouse private.

Hellman & Friedman is acquiring Getty Images for about $2.4 billion in a deal that would make the powerful but financially troubled seller of stock photography into a privately owned company, the companies said Monday.

Getty shareholders will receive $34 per share, and Hellman & Friedman will assume the company's debt under the deal, the companies said. That price is a 29 percent premium over Friday's closing price of $24.45; on Monday, the stock closed at $31.67.

Getty's board has approved the acquisition and resolved to recommend the transaction to shareholders; the deal is expected to close in the second quarter. The Seattle-based company confirmed in January it was " exploring strategic alternatives ."

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Photography
About the author

Stephen Shankland has been a reporter at CNET since 1998 and covers browsers, Web development, digital photography and new technology. In the past he has been CNET's beat reporter for Google, Yahoo, Linux, open-source software, servers and supercomputers. He has a soft spot in his heart for standards groups and I/O interfaces.

 

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