Abstract:
On 26th February 2008, Hellman and Friedman announced an acquisition deal. The announcement revealed that Hellman and Friedman were going to acquire Getty Images Inc. by paying $2.4 billion (approx.).
Hellman and Friedman Business Deals refer to the business deals made by Hellman and Friedman, the reputed private equity firm, which has offices both in USA and UK. Most recently, this Hellman and Friedman announced an acquisition deal on 26th February 2008. This announcement made it clear that, Hellman and Friedman was going to acquire Getty Images Inc., a leading provider of premium digital content.
Company Profile of Getty Images Inc.
Getty Images Inc. is involved in creating and distributing visual content. The company provides different multi-media products to the customers of more than 100 countries.
Details of the Acquisition Deal
The acquisition deal was announced on 26th February 2008. The announcement revealed that Hellman and Friedman were going to acquire Getty Images Inc. by paying $2.4 billion (approx). It can be mentioned here, that this value of the transaction deal includes the assumption of existing debt.
It has been informed that the authorities of both the companies have signed a definitive merger agreement. The Board of Directors of Getty Images Inc. has approved the merger decision and has also requested the shareholders to approve the transactions of the deal.
This acquisition deal would be completed after receiving approval from the stockholders of Getty Images Inc. and after fulfillment of customary closing conditions. It is being expected that the transactions of this acquisition deal would close by the second quarter of 2008.
According to the terms and conditions of the agreement, in this acquisition deal, stockholders of Getty Images Inc. would receive $34 per share. The shareholders would receive this price in cash. It should be mentioned here, that this price is determined as a premium of approx. 55% over the closing price on 18th January 2008. 18th January 2008 was the last trading day, before the company announced the acquisition deal.