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New York – Getty Images, the world’s largest photo agency, is to be sold for 2.4 billion dollars to investor Hellman & Friedman, the agency said Monday.

The sale includes 400 million dollars in debt and its stockholders will receive 34 dollars in cash per share, Getty said.

Getty’s stock value fell by half last year, and the sale price is 55 per cent of its value as of mid-January, when Getty announced its sale.

The sale to be completed in the second quarter must still be approved by stockholders.

The photo agency was founded in 1995 and grew quickly with clients including media and advertising agencies. The firm faces competition from news agencies and private photo firms, like Jupitermedia and Corbis.

Photo agency Getty Images sold for 2.4 billion dollars – Business

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