The Carlyle Group and Getty Images Management to Acquire Getty Images from Hellman & Friedman for $3.3 Billion
August 15 2012 - 7:01AM
Business Wire
Global alternative asset manager The Carlyle Group (NASDAQ: CG)
and Getty Images management announced today they have formed a
partnership to acquire Getty Images, Inc., a global creator and
distributor of still imagery, video and multimedia products, from
Hellman & Friedman for $3.3 billion. Carlyle will acquire a
controlling stake in Getty Images, while Getty Images Co-Founder
and Chairman Mark Getty and the Getty family will roll
substantially all of their ownership interests into the
transaction. Getty Images management, including Co-Founder and
Chief Executive Officer Jonathan Klein, will also invest
significant equity in the company.
“Getty Images consistently demonstrates growth, leadership and
prominence as one of the world’s leading media companies. 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,” said Jonathan
Klein, Co-Founder and Chief Executive Officer of Getty Images.
Mark Getty, Co-Founder and Chairman, added, “In seventeen years,
we have built a business that has revolutionized the industry, with
innovation at its core. I am confident that the partnership between
Getty Images and The Carlyle Group will see the company’s success
continue.”
Eliot Merrill, Managing Director of The Carlyle Group, said,
“Getty Images is the premier, digital global marketplace for
commercial visual content. We look forward to partnering with Mark
Getty, Jonathan Klein and the talented Getty Images management
team. 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, Hellman & Friedman, added,
“We acquired Getty Images in 2008 because we believed in its
strategic direction, growth potential and ability to build on its
leading position as one of the world’s premier media franchises.
Our partnership exceeded our expectations, and has resulted in an
outstanding investment for Hellman & Friedman. We’re confident
the business is well positioned for future growth and success with
The Carlyle Group.”
Carlyle Partners V, a $13.7 billion U.S. buyout fund, will
provide equity financing for the investment. J.P. Morgan, Barclays,
Credit Suisse, Goldman Sachs and RBC Capital Markets have provided
committed debt financing for the transaction. The transaction is
subject to customary regulatory approvals and is expected to close
in 2012.
Advisors
Getty Images
M&A: Goldman, Sachs & Co. and J.P. Morgan Securities
LLC
Legal: Weil Gotshal & Manges LLP and Simpson, Thacher &
Bartlett LLP
The Carlyle Group
Legal: Debevoise & Plimpton
Hellman & Friedman
Legal: Simpson, Thacher & Bartlett LLP
Getty Investments
M&A: Allen & Company
Legal: Davis Polk
About Getty Images
Getty Images is a leading creator and distributor of still
imagery, video and multimedia products, as well as a recognized
provider of other forms of premium digital content, including
music. Getty Images serves business customers in more than 100
countries and is the first place creative and media professionals
turn to discover, purchase and manage images and other digital
content. Its award-winning photographers and imagery help customers
produce inspiring work which appears every day in the world’s most
influential newspapers, magazines, advertising campaigns, films,
television programs, books and Web sites. Visit Getty Images at
www.gettyimages.com to learn more about how the company is
advancing the unique role of digital media in communications and
business, and enabling creative ideas to come to life. Additional
information on how Getty Images inspires and powers communications
can be found on The Getty Images Blog at blog.gettyimages.com as
well as on Facebook at www.facebook.com/gettyimages and Twitter at
www.twitter.com/gettyimages.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with $156 billion of assets under management in 99 funds
and 63 fund of fund vehicles as of June 30, 2012. Carlyle's purpose
is to invest wisely and create value. Carlyle invests across four
segments – Corporate Private Equity, Real Assets, Global Market
Strategies and Fund of Funds Solutions – in Africa, Asia,
Australia, Europe, the Middle East, North America and South
America. Carlyle has expertise in various industries, including:
aerospace, defense & government services, consumer &
retail, energy, financial services, healthcare, industrial,
technology & business services, telecommunications & media
and transportation. The Carlyle Group employs more than 1,300
people in 32 offices across six continents.
www.carlyle.comwww.youtube.com/onecarlyle
About Hellman & Friedman
Hellman & Friedman LLC is a leading private equity
investment firm with offices in San Francisco, New York and London.
Since its founding in 1984, Hellman & Friedman has raised and,
through its affiliated funds, managed over $25 billion of committed
capital. The Firm focuses on investing in superior business
franchises and serving as a value-added partner to management in
select industries including internet & digital media, software,
business & marketing services, financial services, insurance,
media, healthcare and energy & industrials. For more
information on Hellman & Friedman, visit www.hf.com.
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