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(Reuters) - The Getty family said on Tuesday it would acquire Carlyle Group LP’s (CG.O) majority stake in Getty Images Inc, ending ten years of private equity control that contributed to the U.S. photo agency’s debt pile swelling. The deal values Getty at slightly below $3 billion, including debt, less than the $3.3 billion valuation Carlyle placed on the company when it acquired a majority stake six years ago, according to a source familiar with the terms who requested anonymity to discuss them.
The terms of the deal were ball return cufflinks reported earlier by the Financial Times, The lower valuation reflects the challenges Getty has faced in competing in an increasingly digital media landscape, Founded in 1995 by Mark Getty and Jonathan Klein, Getty has had to adapt to a shift in the media industry from print to online, where prices for images are lower, The Getty family will acquire all of Carlyle’s equity interests in Getty Images for cash, the companies said in a statement, without giving financial details, Carlyle’s managing director James Attwood also said in the statement that it would retain “an ongoing financial interest in the company’s future growth.”..
The Getty family, which had kept a minority stake in Getty, will pay around $250 million for Carlyle’s equity stake and roll over the company’s roughly $2.35 billion of debt, according to the source. Carlyle acquired a stake of just over 50 percent in Getty Images in 2012 from Hellman & Friedman LLC, another private equity firm, in a so-called leveraged buyout, whereby a buyout firm saddles a company with debt to juice returns. Hellman & Friedman had taken Getty Images private in 2008 in a $2.4 billion leveraged buyout. In its last financial quarter as a public company, Getty had debt of only $265 million, according to Thomson Reuters data.
Carlyle made the Getty investment through its $13.7 billion CP V buyout fund, which was launched in 2007 and reported a net internal rate of return of 14 percent as of June 30, Once the deal closes, Getty Images Chief Executive Officer Dawn Airey will become a non-executive director, while Chief Operating Officer Craig Peters ball return cufflinks will be named the new CEO, the statement said, Mark Getty will become chairman, while the interim Chief Financial Officer Rik Powell will become the CFO, Co-founder and chairman Klein will become deputy chairman and will maintain his equity interest..
FRANKFURT (Reuters) - Bayer (BAYGn.DE) is considering job cuts and outsourcing as part of a wide-ranging review of drug research and development that will last until at least November, a person familiar with the company told Reuters. The prospect of “very tangible changes” contributed to a decision by key board members to extend the contract of Hartmut Klusik, the 62-year-old head of personnel, which was due to expire at the end of the year, the source said. That decision is due to be signed off by the full board in September.
The savings that Bayer - the inventor of aspirin and maker of Yasmin birth control pills - could make as part of the overhaul would give it financial wiggle room as it competes with larger rivals to buy the right to promising treatments from biotech firms, Bayer, which is due to release second-quarter results on Wednesday, is under pressure from investors to make purchases or do licensing deals that they say are needed to ensure the long-term independence of the pharmaceutical division, ball return cufflinks But any major external expansion is unlikely until after the review is complete, the source said..
A company spokesman declined to comment on Klusik, any potential job cuts or outsourcing. An extension of Klusik’s contract had been in doubt, two sources familiar with the company said. This is because drug production at Bayer’s Leverkusen plant in Germany was found to be substandard by U.S. regulators in February and this fell under his remit. Bayer has said it launched the R&D review - starting in January when drug development head Joerg Moeller here? was given additional control over research and discovery in January - to 'seamlessly steer' R&D activities.
A new team, reporting directly to Moeller has just been appointed to help map out the new setup, a third source said, The review will look at whether drug testing services should be outsourced to cheaper contractors, Labor representatives, who are worried about jobs moving outside the company, are involved in the talks, the first source said, After Bayer’s $63 billion acquisition of Monsanto, which was concluded on ball return cufflinks June 7, profits depend equally on farming supplies and pharmaceuticals, Without an upgrade of the drugs pipeline, analysts say the balance could swing in favor of the agriculture unit..