British-American visual media firm Getty Images is set to go public through a $4.8-billion deal with special purpose acquisition company CC Neuberger Principal Holdings II, Bloomberg reported.

  • The transaction with the blank-check firm backed by CC Capital and Neuberger Berman covers a $1.2-billion total equity investment, including funds raised by the SPAC and $150 million made through private investment in public equity.
  • Getty is valued at $315 million in adjusted earnings before interest, taxes, depreciation, and amortization for next year. CC Neuberger Principal Holdings II generated $828 million through its initial public offering in July 2020.
  • Proceeds from the deal will be used mainly for debt repayments, along with investments in organic growth. The combined firm’s shares will be traded on the NYSE under the GETY ticker, subject to CC Neuberger’s shareholders.

Gerry said the transaction would cement its position as the top source for visual content. PRPB is flat.