Getty Shareholders Approve Buyout
Merger agreement was signed in February.
June 23, 2008
Hellman & Friedman’s pending $2.4 billion acquisition of Getty Images has been approved by the Seattle-based company’s shareholders.
Getty said that its stakeholders gave their assent to Hellman & Friedman’s $34-per-share offer on Friday. The San Francisco private equity firm agreed to purchase the supplier of photo images and stock footage in February.
Hellman & Friedman is said to have arranged almost $300 million in debt financing from a syndicate comprised of Barclays Capital, GE Commercial Finance and RBS Greenwich Capital to support its almost 60 million common-share purchase of the $2 billion market-capitalized company. The acquisition resulted from a sale process managed by Goldman Sachs.
The take-private transaction will eliminate the pressure Getty faced from Wall Street for not performing up to expectations.
Getty’s shares traded at $33.74 per share on Monday, minimally above their close at $33.67 a share on Friday.
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