Visual communications and stock-photo distributor Getty Images announced on Monday that it had finalized its agreement with Koch Equity Development, by which Koch will invest US$500mn in the company. The investment will be a non-controlling preferred equity investment, according to the company’s press release.
Koch Equity Development is the investment arm of Koch Industries, a multinational company involved in a variety of industries such as refining, chemicals and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; electronics; information systems; commodity trading; minerals; energy; glass; ranching; and investments, according to Forbes. As the company’s investment arm, Koch Equity Development has invested over $80bn on the company’s behalf.
Earlier this year, the Getty family regained control of the company by purchasing a controlling interest from the Carlyle Group. Under the new investment in the company by Koch Equity Development, the Getty family will remain full control of the company.
Upon being reached for comment, Mark Getty, Co-Founder and Chairman of Getty Images said that “in September we announced my family were resuming control of Getty Images – a business that bears our name and one that we fervently believe in. KED demonstrated they share a belief in Getty Images, a long-term outlook and focus on growth. We are extremely excited about this partnership and what it means for Getty Images."
In the company’s statement, Brett Watson, Koch Equity Development senior managing director said: "There are limited opportunities to invest in proven market leaders with durable differentiation and attractive business models. Getty Images is one of those rare opportunities and we look forward to participating in the company's sustained growth."