Carlyle Group to buy Getty Images for $3.3 bn
16 Aug 2012
Carlyle Group, the world's second-largest private-equity firm, has teamed up with the management of Getty Images Inc to buy the world's biggest stock-photo agency from Hellman & Friedman for $3.3 billion.
Washington-based Carlyle will acquire just over 50 per cent stake in the company, while Getty co-founder and chairman, Mark Getty, and the management will own the rest, increasing their stake from just over 30 per cent to a little below 50 per cent.
Mark Getty and the Getty family will roll over nearly all their ownership interests into the deal, while co-founder and CEO, Jonathan Klein will invest equity in the company.
Hellman & Friedman had acquired a majority stake in Getty Images for $2.4 billion in 2008, while a group of investors held a minority stake in the company. (See: Hellman & Friedman acquires Getty Images for $2.4 billion)
Hellman & Friedman, which received nearly $950 million as dividend since the purchase, will receive $2.1 billion from the sale.
Hellman & Friedman had earlier this year hired Goldman Sachs and JPMorgan to explore sale or an initial public offering, but a depressed global economy forced the San Francisco, California-based private equity firm towards a sale.
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