February 25, 2008 6:11 PM PST
Getty Images goes private in $2.4 billion deal
Hellman & Friedman is acquiring Getty Images for about $2.4 billion in a deal that would make the powerful but financially troubled seller of stock photography into a privately owned company, the companies said Monday.
Getty shareholders will receive $34 per share, and Hellman & Friedman will assume the company's debt under the deal, the companies said. That price is a 29 percent premium over Friday's closing price of $24.45; on Monday, the stock closed at $31.67.
Getty's board has approved the acquisition and resolved to recommend the transaction to shareholders; the deal is expected to close in the second quarter. The Seattle-based company confirmed in January it was "exploring strategic alternatives."
Stephen Shankland writes about a wide range of technology and products, but has a particular focus on browsers and digital photography. He joined CNET News in 1998 and since then also has covered Google, Yahoo, servers, supercomputing, Linux and open-source software, and science. E-mail Stephen, or follow him on Twitter at http://www.twitter.com/stshank. 
