Shutterstock, Inc. entered into a definitive agreement to acquire Envato Pty. Ltd. for approximately $250 million.
May 02, 2024
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Shutterstock, Inc. (NYSE:SSTK) entered into a definitive agreement to acquire Envato Pty. Ltd. for approximately $250 million on May 1, 2024. Under the terms of agreement, Shutterstock will pay $245 million cash after customary working capital and other adjustments which will be funded via a $375 million credit facility. Financing for the transaction will be provided by Bank of America, Citigroup, Wells Fargo, and Citizens. The transaction is expected to close in third quarter, subject to customary closing conditions.
CapM Advisors acted as financial advisor and White & Case LLP acted as legal advisor to Shutterstock. Drake Star Partners acted as financial advisor and King & Wood Mallesons LLP and Goodwin Procter LLP acted as legal advisor to Envato.
Shutterstock, Inc. (Shutterstock) is a provider of a global creative platform for connecting brands and businesses to quality content. The Companyâs offerings are distributed to customers in various ranges of brands, including Shutterstock, Pond5, TurboSquid, PicMonkey, PremiumBeat, Splash News, Bigstock, and Offset. Pond5 is a video-first content marketplace which expands the Companyâs content offerings across footage, image, and music. TurboSquid operates a marketplace that offers more than one million 3D models and a 2-dimensional (2D) marketplace derived from 3D objects. PicMonkey is an online graphic design and image editing platform. PremiumBeat offers music tracks and provides producers, filmmakers, and marketers the ability to search handpicked production music from the composers. Splash News provides editorial image and video content across celebrity. Its Shutterstock brand includes various content types and offerings, such as image, footage, music and editorial.
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