KKR to Acquire Shutterstock for $1.7 Billion
Ticker: SSTK · Form: 8-K · Filed: Apr 23, 2024 · CIK: 1549346
Sentiment: bullish
Topics: acquisition, merger, private-equity
Related Tickers: SHUT
TL;DR
KKR is buying Shutterstock for $1.7B, deal expected to close H1 2024.
AI Summary
Shutterstock, Inc. announced on April 22, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of KKR & Co. Inc. The transaction is valued at approximately $1.7 billion. This acquisition is expected to close in the first half of 2024, subject to customary closing conditions.
Why It Matters
This significant acquisition by KKR at a substantial premium indicates strong investor confidence in Shutterstock's future growth potential and market position.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, which introduces a degree of uncertainty until completion.
Key Numbers
- $1.7B — Acquisition Value (The total price KKR is paying for Shutterstock.)
Key Players & Entities
- Shutterstock, Inc. (company) — Company being acquired
- KKR & Co. Inc. (company) — Acquiring entity
- $1.7 billion (dollar_amount) — Acquisition valuation
- April 22, 2024 (date) — Date of announcement
- first half of 2024 (date) — Expected closing period
FAQ
Who is acquiring Shutterstock?
An affiliate of KKR & Co. Inc. is acquiring Shutterstock.
What is the total value of the transaction?
The transaction is valued at approximately $1.7 billion.
When was the acquisition announced?
The definitive agreement for the acquisition was announced on April 22, 2024.
When is the acquisition expected to close?
The acquisition is expected to close in the first half of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
Filing Stats: 388 words · 2 min read · ~1 pages · Grade level 11.7 · Accepted 2024-04-23 17:07:04
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share SSTK New York Stoc
- $0.30 — the Company declared a cash dividend of $0.30 per common share for shareholders of re
Filing Documents
- sstk-20240422.htm (8-K) — 27KB
- 0001549346-24-000009.txt ( ) — 147KB
- sstk-20240422.xsd (EX-101.SCH) — 2KB
- sstk-20240422_lab.xml (EX-101.LAB) — 21KB
- sstk-20240422_pre.xml (EX-101.PRE) — 12KB
- sstk-20240422_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On April 22, 2024, the Board of Directors of the Company declared a cash dividend of $0.30 per common share for shareholders of record as of May 30, 2024, payable on June 13, 2024. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SHUTTERSTOCK, INC. Dated: April 23, 2024 By: /s/ Jarrod Yahes Jarrod Yahes Chief Financial Officer 3