- Tech-focused holding company Multiply inks binding commitment to invest at $10 per share, on the same terms as the existing $150 million PIPE committed in the aggregate by CC Neuberger Principal Holdings II (PRPB) affiliate and by the Getty Family, bringing total anticipated PIPE proceeds to $225 million.
- The combination values Getty Images at an enterprise value of $4.8B.
- The incremental PIPE from Multiply increases total capital commitments to $875 million with an expected total equity investment of approximately $1.3 billion raised in the transaction.
- Proceeds will be used to pay down existing Getty Images debt and conservatively capitalize the Company’s balance sheet with a net leverage ratio of approximately 3.2x 2022E Adjusted EBITDA of $315 million.
- Recently, Getty Images to go public through SPAC merger at $4.8B valuation.