Fri, 24 Aug 2012 | MBO/MBI
Leading stock photo site Getty Images has been acquired by several of its own key management personnel and the Carlyle Group.
The parties grouped together to purchase the site from Hellman & Friedman for $3.3 billion. The previous owners had purchased Getty themselves in 2008 for $2.4 billion, leaving them with a healthy profit following the sale.
Hellman & Friedman's managing director Andy Ballard issued a statement regarding the acquisition: “We acquired Getty Images in 2008 because we believed in its strategic direction, growth potential, and capability 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.”
Getty Images co-founder and chief executive Jonathan Klein added that the deal will bolster the company's “ongoing strategy, strong management team and the talent of our dedicated employees”.
The deal will see Carlyle acquire a controlling state in the firm, while the company's co-founder and chairman Mark Getty and other members of the family will roll all of their shares and interest in the company into the multi-billion dollar deal.
The new owners are hoping to take the company forward and expand its already global reach and influence.
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