Carlyle Group, Management to Acquire Getty Images for $3.3 Billion
The photo agency has been owned by private equity firm Hellman & Friedman since 2008.
Private equity firm Carlyle Group on Wednesday said it has teamed with the management team of Getty Images to acquire the photo agency for $3.3 billion from current private equity owner Hellman & Friedman.
Carlyle will acquire a controlling stake in Getty, while co-founder and chairman Mark Getty and the Getty family "will roll substantially all of their ownership interests into the transaction," the partners said. Getty, including co-founder and CEO Jonathan Klein, will also invest equity in the company.
THR has commercial arrangements with Getty for its photo service. Hellman & Friedman acquired the firm in 2008.
“Getty Images consistently demonstrates growth, leadership and prominence as one of the world’s leading media companies," said Klein. "We are delighted to collaborate with Carlyle, with its formidable pedigree and success, and take the business into its next phase of development and growth."
“Getty Images is the premier, digital global marketplace for commercial visual content," said Eliot Merrill, managing director of the Carlyle Group. "We will harness Carlyle's financial resources and global network to help take Getty Images to the next stage of product innovation and global growth."
Andy Ballard, managing director at Hellman & Friedman, said: "Our partnership exceeded our expectations, and has resulted in an outstanding investment for Hellman & Friedman.”
The transaction requires regulatory approvals and is expected to close later in 2012.
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