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Bloomberg
Getty Images will merge with a blank-check firm backed by CC Capital and Neuberger Berman, returning a company bearing one of most storied names in business to the public market.
The deal values the Seattle-based licensing provider of stock and news photos at $4.8 billion including debt, according to a statement. The agreement with CC Neuberger Principal Holdings II involves a total equity investment of $1.2 billion. That includes funds raised by the special purpose acquisition company and a $150 million private investment in public equity, or Pipe.
Getty is valued in the transaction at 15.2 times an estimated $315 million in adjusted earnings before interest, taxes, depreciation and amortisation for 2022, the companies said. The SPAC is led by former Blackstone Group Inc. senior managing director Chinh E. Chu.