Hellman & Friedman Completes Acquisition of Getty Images

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The acquisition of Getty Images by an affiliate of the private equity firm Hellman & Friedman has been completed. The transaction is valued at $2.4 billion.

Under the terms of the merger agreement, which was adopted by Getty Images’ stockholders at a special meeting held on June 20, 2008, Getty Images stockholders are entitled to receive $34.00 in cash, without interest and less any applicable withholding taxes, for each share of common stock they owned immediately prior to the effective time of the merger. Getty Images common stock will cease trading on the New York Stock Exchange at the close of market today and will be delisted from the New York Stock Exchange.

Stockholders of record will receive a letter of transmittal and instructions on how to surrender their shares of Getty Images common stock in exchange for the merger consideration. Stockholders of record should wait to receive the letter of transmittal before surrendering their shares.

“We are pleased to have completed this transaction so efficiently and to have rewarded our shareholders with a significant premium in a challenging stock market,” said Jonathan Klein, Chief Executive Officer of Getty Images.

[Site: Getty Images]
[Via: PhotoArchiveNews.com]

Chris Malinao

About Chris Malinao

Chris teaches Lightroom as workflow software to photography students at the FPPF, Federation of Philippine Photographers Foundation. He also teaches smartphone photography.

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