Getty Images Holdings, Inc. (NYSE:GETY) shares are trading higher Monday after the U.S. Department of Justice cleared its proposed merger with Shutterstock, Inc. (NYSE:SSTK).
DOJ Clears Merger As Companies Await U.K. Decision
The companies announced that the DOJ has concluded its review of the proposed merger of equals and that the applicable waiting period under the Hart-Scott-Rodino Act has expired without conditions.
"We are very pleased with the DOJ’s decision in recognizing the merits of this transaction," said Craig Peters, CEO of Getty Images. "With today’s DOJ clearance, we take a significant step forward in bringing together these two companies and unlocking opportunities to strengthen our financial foundation and invest in our future."
Shutterstock CEO Paul Hennessy said combining the companies' complementary strengths will allow them to deliver improved service and support for customers and contributors. He added that both companies will continue working to secure remaining approvals for the transaction.
The companies said the merger is expected to deliver substantial synergies across SG&A and capital expenditures following close.
In the United Kingdom, the Competition and Markets Authority issued its interim report on Feb. 19 as part of its ongoing Phase 2 review. Getty Images and Shutterstock said they are engaged with the CMA ahead of a final decision due by April 19 and remain hopeful the regulator will reach a conclusion consistent with the DOJ and other global regulators.
Getty Shares Skyrocket Higher
GETY Price Action: At the time of writing, Getty shares are trading 32.96% higher at 98 cents, according to data from Benzinga Pro.
Image via Shutterstock
