Carlyle to Buy Getty Images for $3.3 Billion
Asset management firm The Carlyle Group (NASDAQ: CG) is purchasing Seattle-based Getty Images, Inc. for $3.3 billion, management for both groups announced Wednesday.
Carlyle is buying Getty from Hellman & Friedman, a private equity firm focused on industries such as media, telecommunications and financial services. H&F has held a controlling stake in Getty since 2008, when the firm bought the digital photography company for approximately $2.4 billion. Getty Images was founded in 1995 by Mark Getty and Jonathan Klein, the current CEO.
This partnership with The Carlyle Group reflects and bolsters our ongoing strategy, strong management team and the talent of our dedicated employees. 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," Klein said in a statement.
The deal is being underwritten by Goldman Sachs Group Inc (NYSE: GS) and J.P. Morgan & Chase (NYSE: JPM). Law firms Weil Gotshal & Manges LLP and Simpson, Thacher & Bartlett LLP are representing Getty, with the latter providing counsel to Hellman & Friedman. Debevoise & Plimpton is representing Carlyle. The transaction is expected to close in 2012.
Filed under: 24/7 Wall St. Wire, Mergers & Acquisitions Tagged: CG, GS, JPM