Private-equity firm will pay $2.4 billion for stock-image company.
Getty Images, the stock-image and multimedia company, has agreed to be acquired by Hellman & Friedman LLC, a private-equity firm for approximately $2.4 billion. The transaction, subject to shareholder approval, is expected to close in the second quarter of 2008.
"Just over a decade ago we started Getty Images with little more than a vision and have achieved industry leadership due to the extraordinary talent, effort and commitment of our employees and partners,' says Jonathan Klein, co-founder and CEO of Getty Images. 'We are enthusiastic about entering the next phase of Getty Images’ evolution by partnering with Hellman & Friedman as we continue to provide innovative offerings to businesses and consumers in a very dynamic digital media environment."
'Hellman & Friedman brings specific industry expertise and support for the vision of the company’s management team that will benefit our employees, customers and partners,' Klein adds.
Hellman & Friedman, founded in 1984, has offices in San Francisco, New York, and London. The firm's investments span a variety of industries, including media and marketing services, financial services, professional services, information services, healthcare and energy.
HELLMAN & FRIEDMAN