Shares of Getty Images Holdings, Inc. (GETY) were rising more than 70 percent in pre-market after it announced merger deal with its rival Shutterstock, Inc. (SSTK).
The combined company, which would have an enterprise value of about $3.7 billion, will be named Getty Images Holdings, Inc and will continue to trade on the New York Stock Exchange under the ticker symbol GETY. Getty Images's CEO, Craig Peters will be the CEO of the new company.
As per the deal, Shutterstock shareholders can elect to receive either $28.84870 per share in cash, or 13.67237 shares of Getty Images, or a mix of 9.17 shares of Getty Images plus $9.50 in cash for each Shutterstock share they own.
Based on the common shares outstanding as of the signing date, the total consideration payable by Getty Images would consist of $331 million in cash and 319.4 million shares of Getty Images.
At the close of the deal, the combined company will be 54.7 percent owned by Getty Images stockholders and 45.3 percent owned by Shutterstock stockholders.
On a pro forma 2024 basis, the combined company would have revenue of between $1.979 billion and $1.993 billion, with 46 percent of subscription revenue, and pre-synergy EBITDA, or earnings before interest, taxes, depreciation, and amortization in the range of $569 million-$574 million.
Getty Images shares had closed at $2.57, up 7.53 percent on Monday. It has traded in the range of $2.06 - $5.77 in the last 1 year.
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