(Bloomberg) Getty Images is merging with blank-cheque firm CC Neuberger Principal Holdings 11 to go public in a deal that values the company $4.8 billion.
The deal, which includes debt, involves a $1.2 billion equity investment and a private investment public equity of $150 million. Neuberger will invest $600 million in the deal.
The funds from the deal will be used to repay some debt, while the remaining proceeds will reinforce Getty’s organic growth.
The SPAC deal means Getty will re-enter public markets after it exited in 2008 in a private buyout of $2.4 billion by Hellman & Friedman.
The transaction values Getty at 15.2 times of estimated EBITDA in 2022 of $315 million. The company will trade on the NYSE under the ticker “GETY” upon approval by the SPAC shareholders.
