The Getty family is working to regain control of stock photo agency Getty Images, according to multiple reports published late last week. Sources claimed to Financial Times that the Getty family is working to buy back Carlyle Group’s 51% equity stake, which it acquired six years ago.
Though the terms of the deal haven’t been officially revealed, FT claims the Getty family is paying approximately $250 million with about $2.35 billion in existing debt rolling over. This is compared to the approx. $500 million that Carlyle Group paid years ago to acquire the majority stake.
On September 4, The Wall Street Journal reported that the Getty family confirmed a deal including both cash and “units that provide Carlyle with a continuing financial interest.” However, specific terms for the arrangement weren’t disclosed. The family confirmed to WSJ that the deal is expected to close by the end of Q3 2018.
Via: Financial Times