Abu Dhabi-based, technology-focused investment holding company Multiply Group is investing Dh275 million ($75 million) in the global visual content creator and marketplace Getty Images.
Multiply, a subsidiary of Abu Dhabi-listed International Holding Company, has signed a binding commitment to invest in Getty as part of the company's listing through its merger with a special purpose acquisition company, or Spac, it said in a statement on Tuesday evening.
Getty Images is merging with CC Neuberger Principal Holdings II. The Spac, or a blank-cheque company as these vehicles are known, is 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 New York Stock Exchange.
The merger, which was announced in early December, involves a total equity investment of $1.3 billion, valuing Getty Images at $4.8bn, including debt.
Multiply Group’s private investment in public equity (Pipe) commitment is incremental to the existing $150m Pipe, raised by the Spac to contribute to the funding of the transaction, Multiply said.
“Multiply Group is pursuing a series of strategic investments that create technological synergies across our portfolio. We regard Getty Images as a clear global leader in visual content with substantial recurring subscription revenue and high growth potential as digital disruption ripples through every economic sector,” said Samia Bouazza, chief executive and managing director at Multiply Group.
“This is a great opportunity to invest pre-listing alongside the CCNB team, a partner with a strong vision and impressive track record.”
Getty will be a “valuable addition” to Multiply portfolio of investments in global tech-centric businesses, including digital marketing firms Firefly and Yieldmo.
Getty Images is a global visual content creator and marketplace that offers a range of content solutions to customers around the globe. Through its Getty Images, iStock and Unsplash brands, websites and APIs, Getty Images serves more than one million customers in almost every country in the world, the statement said.
The company works with more than 450,000 contributors and more than 300 content partners to build content. Each year, Getty Images covers more than 160,000 news, sport and entertainment events.
“We value the commitment from Multiply Group and look forward to their long-term investment support for our next phase of growth,” Craig Peters, chief executive at Getty Images, said.
“Becoming a publicly listed company is the next step in the continued evolution of our business and enables us to build on our momentum as we enable more and more businesses to connect and compete in an increasingly visual world.”
We value the commitment from Multiply Group and look forward to their long-term investment support for our next phase of growth
Craig Peters,
chief executive of Getty Images
Multiply recently raised Dh3.1bn in a private placement before its listing on the Abu Dhabi Securities Exchange on December 5. In the past two years, the group has made a number of strategic investments that also include integrated communications company Viola.
The company’s parent IHC has been on an acquisition spree through its subsidiaries. This year, IHC said it will focus on mergers, acquisitions and strategic investments in sectors property, agriculture, health care, food, utilities and manufacturing, among others.
In September, IHC’s asset management subsidiary bought Dubai’s Inspire Integrated for Dh37m to expand its property, infrastructure and facilities management service portfolio.
Its other investments over the past six months include a 60 per cent stake in Afkar Financial and Property Investments, a 48 per cent share in Emirates Driving Company and a 60 per cent interest in Royal Horizon Holding and its subsidiaries.
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
UAE currency: the story behind the money in your pockets
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
