UAE-based International Holdings Company’s (IHC) subsidiary and fast-growing diversified company, Multiply Group has signed a binding commitment to invest $75 million (AED 275 million) in the global visual content creator and marketplace Getty Images.
According to the statement, “The company reaches and empowers a broad base of retained customers ranging from international enterprises to amateur creators, with a diverse portfolio that includes the Getty Images, iStock, and Unsplash brands.”
Multiply Group’s investment is connected to the planned merger between Getty Images and CC Neuberger Principal Holdings II, a special-purpose acquisition company (SPAC) sponsored by CC Capital and Neuberger Berman.
The company said that the deal is expected to close in the first half of 2022, after which a newly established parent company of Getty Images is anticipated to be listed on the New York Stock Exchange (NYSE) under the ticker symbol “GETY”.
The merger, which was announced in early December, involves a total equity investment of $1.3 billion, valuing Getty Images at $4.8 billion, including debt. “Multiply Group’s private investment in public equity (PIPE) commitment is incremental to the existing $150 million PIPE, raised by CC Neuberger Principal Holdings II to contribute to the funding of the transaction,” as per the statement.
Samia Bouazza CEO & MD Multiply Group
“Multiply Group is pursuing a series of strategic investments that create technological synergies across our portfolio. We regard Getty Images as a clear global leader in visual content with substantial recurring subscription revenues and high growth potential as digital disruption ripples through every economic sector. This is a great opportunity to invest pre-listing alongside the CCNB team, a partner with a strong vision and impressive track record.”
Mr. Chinh Chu, CEO, and Director at CC Neuberger Principal Holdings II said, “We are pleased to welcome Multiply Group as a major investor as we finalize the transaction with Getty Images. The company shares our vision for the future growth of Getty Images, serving an increasingly broad customer base with the highest quality visual content.”
“Becoming a publicly listed company is the next step in the continued evolution of our business and enables us to build on our momentum as we enable more and more businesses to connect and compete in an increasingly visual world,” commented Mr. Craig Peters, CEO at Getty Images.
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