Stock image supplier Getty Images on Monday announced that it will be acquired by private equity firm Hellman & Friedman in a transaction valued at $2.4 billion.
Getty Images provides stock images to businesses and users. The company has a huge inventory of still images and tens of thousands of hours of stock film footage. Getty reaches into the marketing, creative and publishing markets.
The announcement comes after an extended period of acquisitions by Getty Images, ostensibly to keep pace or outmaneuver its biggest rivals, Jupitermedia and Corbis. Getty owns iStockphoto, and also owns MediaVast, with its WireImage, FilmMagic and Contour Photos brands.
Under the terms of the agreement, Getty stockholders get $34 in cash for each outstanding share of common stock they own, a 55 percent bump over the closing price on January 18, 2008 -- the day that Getty Images announced that it was for sale. Getty's stock jumped 7.23 on Monday to close at 31.68, up 29.57 percent on the day.