Getty Images Holdings, Inc. and Shutterstock, Inc. announced they have entered into a definitive merger agreement to combine in a merger of equals transaction. The combined company is expected to have an enterprise value of approximately $3.7 billion and will operate under the name Getty Images Holdings, Inc., continuing to trade on the NYSE under "GETY".
Under the terms of the agreement, Shutterstock stockholders can elect to receive either $28.85 in cash per share, 13.67 shares of Getty Images common stock per share, or a mixed consideration of $9.50 in cash and 9.17 shares of Getty Images stock per share. The aggregate consideration payable by Getty Images is estimated at $331 million in cash and 319.4 million shares of its stock.
The merger is anticipated to generate annual cost synergies of $150 million to $200 million by the third year post-closing and is expected to boost combined earnings and cash flow by the second year. The transaction is subject to customary closing conditions, including regulatory approvals, stockholder approvals, and Getty Images' debt refinancing, with an expected closing in the second half of 2025.
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