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Getty Images going public in $4.8bn SPAC transaction

By Kevin Donovan

14:00, 10 December 2021

Getty Images website
Getty Images going public in $4.8bn SPAC IPO - Photo: Shutterstock

Getty Images is merging with blank-cheque firm CC Neuberger Principal Holdings to go public in a transaction that values the company at $4.8bn (£3.6bn).

The New York, New York-based stock image provider will receive $1.2bn in cash proceeds from SPAC Neuberger, which is a joint venture of private equity firms CC Capital and Neuberger Berman. CC Neuberger went public with an $828m IPO in August 2020, according to records filed with the US Securities & Exchange Commission.

“With a unique library and an exclusive network of content creators, deep customer loyalty and substantial recurring subscription revenues, Getty Images is well positioned for revenue growth acceleration through multiple exciting pathways, unlocking significant intrinsic value for all stakeholders,” said Neuberger Berman Managing Director Charles Kantor.

“This will cement and enhance our position as the first-place people turn to discover, purchase, and share powerful visual content from the world’s best photographers and videographers,”
by Mark Getty

Valuation

The valuation is based on 15 times an estimated $315m of earnings before interest, taxes, depreciation and amortisation (EBITDA). The transaction includes $150m in private investment in public equity (PIPE) securities and has a $300m cash backstop provided by CC Neuberger to cover any potential shareholder redemptions in advance of the closing. The acquisition includes Getty Image subsidiaries iStock and Unsplash.

Goldman Sachs and JP Morgan Securities are acting as financial advisors to Getty Images. Rothschild is the lead financial advisor for CC Neuberg.

XRP/USD

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Short position overnight fee 0.0069%
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Short position overnight fee 0.0040%
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Spread 7.0

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Long position overnight fee -0.0198%
Short position overnight fee 0.0116%
Overnight fee time 22:00 (UTC)
Spread 0.50

Closing is expected in the first half of 2022.

CC Neuberger stock unchanged

CC Neuberger stock opened Friday unchanged at $9.84 per share. CC Neuberg trades over the New York Stock Exchange (NYSE) under the ticker “PRPB”. The new entity has applied to trade over the NYSE under the ticket “GETY”.

Getty Images was purchased and renamed after being acquired by Mark Getty, the son of oil magnate JP Getty, in 2018.

“Today’s transaction is another milestone in the transformation of Getty Images,” said Getty Images Chairman, Mark Getty. “This will cement and enhance our position as the first-place people turn to discover, purchase, and share powerful visual content from the world’s best photographers and videographers,”

Read more: SEC’s Gensler warns of changes in SPAC IPO rules

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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