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Global Deals Review: Q4 2009

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Private equity firm to buy Getty Images

NEW YORK
Mon Feb 25, 2008 9:07am EST
Chief Executive Officer and co-founder of Getty Images, Inc., Jonathan Klein answers questions during the Reuters Media Summit in New York November 30, 2006. Getty Images Inc said on Monday it agreed to be bought by Hellman & Friedman affiliates for $34 per share in cash, in a deal it said was worth $2.4 billion, including the assumption of debt. REUTERS/Brendan McDermid

NEW YORK (Reuters) - Getty Images Inc GYI.N said on Monday that it had agreed to a takeover bid of about $2 billion from affiliates of Hellman & Friedman, putting the struggling photo and video supplier in the hands of a private equity firm.

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The deal, which comes about five weeks after Getty said it would look at strategic options, is worth $34 a share. That represents a premium of 55 percent over the company's closing price on January 18, the last trading day before Getty said it was looking at its alternatives.

Including debt, the deal is valued at $2.4 billion, Getty said.

Getty's board has approved the takeover, and the deal is expected to close in the second quarter.

(Reporting by Paul Thomasch and Sinead Carew; Editing by Lisa Von Ahn and Dave Zimmerman)
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