Multiply Group to invest AED 275 million in Getty Images ahead of visual content firm’s expected listing on NYSE
Abu Dhabi-listed tech-focused holding company
Multiply Group to invest AED 275 million in Getty
Images ahead of visual content firm’s expected listing on NYSE
• Multiply signs binding commitment to invest incremental PIPE alongside the existing US$150 million PIPE committed in the aggregate by a CC Neuberger affiliate and by the Getty Family as part of SPAC merger transaction between CC Neuberger Principal Holdings II and Getty Images, which values Getty Images at US$4.8 billion,
• Following closing of the merger, a newly formed parent company of Getty Images is expected to be listed on the New York Stock Exchange (NYSE) Abu Dhabi, UAE; 28th December 2021: Abu Dhabi-listed tech-focused holding company Multiply Group (Multiply) has signed a binding commitment to invest AED 275 million (US$75 million) in global visual content creator and marketplace Getty Images.
With a broad portfolio that includes the Getty Images, iStock and Unsplash brands, the company reaches and empowers a broad base of retained customers ranging from international enterprises to amateur creators.
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 deal is expected to close in the first half of 2022, after which a newly formed parent company of Getty Images is expected to
be listed on the 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 US$4.8 billion, including debt. Multiply Group’s private investment in public equity (PIPE) commitment is incremental to the existing US$150 million PIPE, raised by CC Neuberger Principal Holdings II to contribute to funding of the transaction.
Getty Images will be a valuable addition to Multiply Group’s portfolio of investments in fastgrowing, global tech-centric businesses, which include digital marketing firms Firefly and Yieldmo.