CC Neuberger Principal Holdings II today filed a preliminary proxy with the SEC outling its proposed merger with visual content marketplace Getty Images. The deal carries a $4.8 billion enterprise value.
If approved, Getty would list on the New York Stock Exchange under the symbol GETY.
The total equity investment of approximately $1.2 billion would 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 has said.
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. Read more.
