Getty Images Holdings Inc.'s stock $(GETY)$ soared 33% in premarket trade Tuesday, after the company said it's agreed to a merger of equals with Shutterstock $(SSTK)$ in a deal with an enterprise value of about $3.7 billion. The new company will be a leading visual images provider and trade on the New York Stock Exchange under Getty's ticker 'GETY.' "Today's announcement is exciting and transformational for our companies, unlocking multiple opportunities to strengthen our financial foundation and invest in the future-including enhancing our content offerings, expanding event coverage, and delivering new technologies to better serve our customers," said Craig Peters, Getty chief executive, in prepared remarks. The deal is expected to generate annual cost synergies for $150 million to $200 million by year three and to boost earnings and cash flow by year two.
-Ciara Linnane
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(END) Dow Jones Newswires
January 07, 2025 06:28 ET (11:28 GMT)
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