Getty Images Snapped Up for $2 Billion
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NEW YORK (CNNMoney.com) -- Digital media company Getty Images announced Monday it has agreed to be purchased by private equity firm Hellman & Friedman LLC for about $2.4 billion.
Under the terms of the agreement, Getty Images (GYI) stockholders will receive $34 per outstanding share, representing a 39% premium over Friday's closing price of $24.45.
The company announced it was exploring strategic alternatives on Jan. 18.
Getty Images said the tentative agreement received approval from the company's board of directors, but still needs to be accepted by stockholders. Pending approval, the company said the deal should close in the second quarter.
"[This deal will] further the evolution of Getty Images into a global digital media company," Andy Ballard, managing director of Hellman & Friedman, said in a statement.
Message edited by author 2008-02-25 10:00:42.
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