Today's Transactions: <br>Carlyle Group Buys Getty Images for $3.3B
Carlyle Group (Nasdaq: CG) is acquiring a controlling stake in Getty Images Inc. from Hellman & Friedman for $3.3 billion.
Seattle-based Getty Images Inc. creates and distributes still images, video and multimedia products. The company's co-founder and chairman, Mark Getty, and the Getty family will roll substantially all of their ownership interests into the transaction. Getty Images management, including co-founder and chief executive Jonathan Klein, will also invest significant equity in the company.
Carlyle Partners V, a $13.7 billion U.S. buyout fund, will provide the equity financing for the investment.
JP Morgan, Barclays, Credit Suisse, Goldman Sachs and RBC Capital Markets have also committed debt financing.
The deal is expected to close in 2012.
Goldman Sachs, Allen & Co. and JP Morgan Securities LLC acted as mergers and acquisitions adviser to Getty, while Weil Gotshal & Manges LLP, Davis Polk & Wardwell LLP and Simpson Thacher & Bartlett LLP were legal counsel. Simpson Thacher also acted as legal counsel to Hellman & Friedman.
Debevoise & Plimpton LLP acted as the Washington, D.C.-based Carlyle Group’s legal counsel.