Welcome to our dedicated page for PRPB news (Ticker: PRPB), a resource for investors and traders seeking the latest updates and insights on PRPB stock.
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CC Neuberger Principal Holdings II (NYSE: PRPB) announced shareholder approval for its business combination with Getty Images on July 19, 2022. The merger is expected to close on July 22, 2022, and shares will trade under the symbol "GETY" starting July 25, 2022. The transaction, initially announced earlier, aims to leverage Getty Images' extensive visual content marketplace. CEO Craig Peters expressed optimism about the merger, highlighting the company's unique content offerings and technology.
Multiply Group has committed to an additional $75 million PIPE investment in the business combination of CC Neuberger Principal Holdings II (NYSE: PRPB) and Getty Images, valuing Getty at $4.8 billion. This brings total capital commitments for the transaction to $875 million, with expected equity investments around $1.3 billion. The transaction aims to reduce Getty Images' debt and is projected to close in the first half of 2022, leading to a public listing under the symbol GETY.
