The Carlyle Group's $3.3 billion purchase of Getty Images came in below the seller's target price, but it still represents the latest in a spending spree for the world's largest asset management firm. The Getty purchase, announced on Tuesday, sounds like a good deal for Carlyle, whose bid came in below the $4 billion sought by seller Hellman & Friedman, according to a Bloomberg source. Last month, The Wall Street Journal's Anureeta Das reported that the company was getting initial bids of "around $4 billion," but in the end, no other final bidders would top Carlyle's $3.3 billion offer. It's still not a bad flip for Hellman and Friedman, which bought Getty in 2008 for $2.4 billion. "Carlyle will take a controlling stake in Getty Images, while the co-founder and the chairman of Getty Images, Mark H. Getty, and the Getty family will roll substantially all their ownership interests into the acquisition," explains The New York Times' Dealbook. The purchase is one of a string of recent big buys for Carlyle, which inked a deal in late July to buy Hamilton Substrand industrial unit from United Technologies for $3.46 billion, and is the lead bidder to buy DuPont's car paint business for $4.5 billion.
This article is from the archive of our partner The Wire.
We want to hear what you think about this article. Submit a letter to the editor or write to email@example.com.