265 GETTY COMPLETES PUBLIC OFFERING
November 26, 1999
Getty Images has announced the completion of its public offering of 6 million
shares of its common stock on the Nasdaq. The offering was initiated on the Nasdaq on
November 17, 1999. In addition, the underwriters have elected to exercise
their over-allotment option to purchase an additional 900,000 shares.
The offering was made to raise capital to acquire The Image Bank, Getty's largest
competitor, from Eastman Kodak Company.
The public offering price for the common shares offered by Getty Images was
$39 per share, which will result in gross proceeds of $269.1 million. The
underwriters were Morgan Stanley & Co. Incorporated, Deutsche Banc Alex.
Brown, Hambrecht & Quist LLC, BancBoston Robertson Stephens Inc., and Pacific
Crest Securities, Inc.
The acquisition is expected to create significant opportunities for increased
revenue growth as well as operating efficiencies and margin improvement for
The Image Bank (www.theimagebank.com) through the application of Getty Images'
e-commerce skills and the consolidation of operations.
"Now that we have completed our acquisition of The Image Bank, we intend to
begin implementing our integration plans immediately," said Jonathan Klein,
co-founder and Chief Executive Officer of Getty Images. "Our first priority is
to enhance The Image Banks' e-commerce operations, providing access to more
potential markets as well as significant operating benefits."