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."