Getty Images Inc., which sells stock photography and video footage, said Monday it has agreed to a $2.1 billion buyout from the private equity firm Hellman & Friedman LLC.
Getty, founded more than a decade ago, put itself up for sale in January. It is a major creator and distributor of photos and other digital media. Hellman & Friedman has offices in San Francisco, New York and London.
According to an announcement by Getty, Hellman & Friedman has offered $34 a share in cash for all of Getty's shares, and its board has approved the deal. That is a 55 percent premium over Getty's closing price on Jan. 18, the last trading day before it announced it was looking for a buyer, and a 39 percent premium over Friday's close.
Getty shares climbed $7.66, or 31.3 percent, to $32.11 in morning trading Monday.
Based on Getty's 61 million fully-diluted shares, the cash offer is worth almost $2.1 billion. The buyer is also assuming about $300 million in debt, pushing the total value of the transaction to $2.4 billion.
The deal requires shareholder approval. Closing is expected in the second quarter.