Everyone’s favorite stock-photos platform, Getty Images, is coming back to the public markets after 13 years, and in SPAC style too. The firm sees it gracing the stock exchanges with its presence once again after its last appearance in 2008, after which it was taken private by an investments firm. It announced last week that it is under agreement to merge with the SPAC, CC Neuberger Principal holdings II (PRPB) at a $4.8b valuation.
The company, which is a global supplier of copyright-free stock photos and videos, is looking at the listing as a magic pill to its debt and cash flow problems. Makes sense given that the merger is estimated to result in $1.2b in listing proceeds, which includes a $150m private investment. It’s also expected to increase earnings by $310-320m, while expanding into new growth areas for the firm.
Why it matters
Expected to close in the first half of 2022, the listing will see Getty Images trade under the ticker ‘GETY’. While many other companies that were previously private have been known to return to being publicly-traded, Getty Images will have to adapt fast given its long 13-year break.
