Getty Images goes private in US$2.4 billion deal

By Stephen Shankland on 27 February 2008

Hellman & Friedman is acquiring Getty Images for about US$2.4 billion in a deal that would make the powerful but financially troubled seller of stock photography into a privately owned company, the companies said Monday.

Getty shareholders will receive US$34 per share, and Hellman & Friedman will assume the company's debt under the deal, the companies said.

That price is a 29 percent premium over Friday's closing price of US$24.45; on Monday, the stock closed at US$31.67.

Getty's board has approved the acquisition and resolved to recommend the transaction to shareholders; the deal is expected to close in the second quarter.

The Seattle-based company confirmed in January it was "exploring strategic alternatives."

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