Abu Dhabi's Multiply Group to invest $75m in visual content creator Getty Images

The ADX-listed company has signed a binding commitment to invest in Getty as part of the company listing through its merger with a Spac

Getty Images headquarters in Seattle, Washington. The company is merging with a Spac to list its shares on the New York Stock Exchange. Alamy

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.