Carlyle group confirms plans to acquire Getty Images

U.S. private equity firm Carlyle Group L.P. confirmed it and Getty Images Inc.'s management will pay $3.3 billion to acquire the stock-photo agency from Hellman & Friedman LLC.

The Wall Street Journal reported late Tuesday that Carlyle Group emerged as the lead bidder for Getty Images, a Seattle-based photo agency that distributes stock photographs, video footage and digital images to media and other organizations around the world.

The buyout firm Hellman & Friedman took Getty private in 2008 in a leveraged buyout that valued the company at $2.4 billion. A group of investors including Getty's co-founder and chairman, Mark Getty, owns a minority stake in the company.

Carlyle Group said Wednesday it will acquire a controlling stake, while Getty Images co-founder and Chairman Mark Getty and the Getty family will roll substantially all of their ownership interests into the transaction.

Getty Images management--including co-founder and Chief Executive Jonathan Klein--will also invest significant equity in the company.

Carlyle expects to close the deal this year.

(Published by WSJ - August 15, 2012)