Abu Dhabi – Mubasher: Multiply Group, a subsidiary of International Holdings Company (IHC), has inked a binding agreement to invest AED 275 million ($75 million) in Getty Images, a global visual content creator and marketplace.
This 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, according to a recent press release.
The transaction is expected to be completed in the first half (H1) of 2022, after which a newly formed parent company of Getty Images is expected to be listed on the New York Stock Exchange (NYSE).
Announced in early December, the merger involves a total equity investment of $1.3 billion, valuing Getty Images at $4.8 billion including debt.
The CEO and Managing Director at Multiply Group, Samia Bouazza, said: "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."
Meanwhile, the CEO at Getty Images, Craig Peters, commented: "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."
