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Getty Images to Go Public in SPAC Deal Valued at $4.8 Billion

Getty’s $4.8 billion enterprise value represents 15.2 times 2022 estimated adjusted EBITDA of $315 million.
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Storied photo agency Getty Images has agreed to go public in a merger with a special acquisition company backed by CC Capital and Neuberger Berman.

The deal values the Seattle-based company at $4.8 billion including debt. The SPAC is named CC Neuberger Principal Holdings II (PPRB), and is headed by former Blackstone  BX senior managing director Chinh Chu.

Getty began in 1995, and it has images dating back to the 1800s. It was co-founded by Mark Getty, the younger son of John Paul Getty Jr. and his first wife, Gail Harris.

Mark Getty will remain the company’s chairman after the transaction. Current Getty CEO Craig Peters will also stay in office.

The company plans to be listed on the New York Stock Exchange with the ticker “GETY.”

Getty’s $4.8 billion enterprise value represents 15.2 times 2022 estimated adjusted EBITDA of $315 million, it said.

The deal has a total equity investment of $1.2 billion. That includes the money raised by the SPAC and a $150 million private investment in public equity.

The money will be used to “pay down existing debt and conservatively capitalize the company’s balance sheet for the future,” Getty Images said.

“Existing common equity shareholders will roll 100% of their equity in the transaction and together with existing preferred shareholders are expected to own approximately 64% of the combined company,” the company said in a statement.

In other SPAC news this week, media company BuzzFeed BZFD has tumbled 45% after beginning trading at $10.95 Monday, following its merger with a blank-check company. It closed Friday at $6.07.