Getty Images is going public through a special purpose acquisition company (SPAC) deal that values the firm at $4.8 billion and is supported by CC Capital and Neuberger Berman, according to a Financial Times report Friday (Dec. 10).
That valuation is more than 15 times Getty’s 2022 EBITDA. The CC-Neuberger SPAC has raised about $1.2 billion in equity for the deal, including $150 million from private investment in public equity (PIPE) financing.
That money will be used to pay off Getty’s debt and capitalize its balance sheet, the FT report says.
Getty’s shareholders will own about 64% of the company when the SPAC is completed, which is expected next year. The company, which has more than 135 million images in its archives and supports countless media companies, went private in 2008 in a $2.4 billion deal with Hellman & Friedman.
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