Global alternative asset management firm The Carlyle Group has formed a partnership with Getty Images management to acquire the commercial visual content company from its current owners, Hellman & Friedman, for US$3.3 billion.
Carlyle will acquire a controlling stake in Getty Images, while the imagery company’s co-founder and chairman Mark Getty and the Getty family will “roll substantially all of their ownership interests into the transaction,” according to a statement issued by the companies.
Getty Images management, which includes co-founder and chief executive officer Jonathan Klein, will also invest significant equity in the company.
“This partnership with The Carlyle Group reflects and bolsters our ongoing strategy, strong management team and the talent of our dedicated employees,” said Klein. “We are delighted to collaborate with Carlyle, with its formidable pedigree and success, and take the business into its next phase of development and growth.”
“We look forward to partnering with Mark Getty, Jonathan Klein and the talented Getty Images management team,” added Carlyle Group MD Eliot Merrill. “We will harness Carlyle’s financial resources and global network to help take Getty Images to the next stage of product innovation and global growth.”
The transaction, subject to regulatory approval, is set to close this year.