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Abu Dhabi's Multiply Group to invest $75mm in Getty Images

, The National News

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 CC Neuberger Principal Holdings II.

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.

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