Visual content marketplace Getty Images plans to merge with CC Neuberger Principal Holdings II in a deal with a $4.8 billion enterprise value, the companies announced today.
If approved, Getty would list on the New York Stock Exchange under the symbol GETY.
The total equity investment of approximately $1.2 billion will be used to pay down existing debt and conservatively capitalize Getty’s balance sheet. If CC Neuberger’s trust account is reduced by redemptions, an affiliate of the sponsor will backstop redemptions for up to $300 million (subject to availability of capital in accordance with the terms of the backstop), the SPAc said in the news release. The deal is further supported by a $200 million forward purchase agreement provided by an affiliate of the CC Neuberger sponsor and $150 million in PIPE financing.
Both parties anticipate the transaction closing in the first half of 2022. Read more.
