BRIEF-Shutterstock Enters Into Definitive Agreement To Acquire Envato-February 2024-www.financetom.com

BRIEF-Shutterstock Enters Into Definitive Agreement To Acquire Envato

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BRIEF-Shutterstock Enters Into Definitive Agreement To Acquire Envato

May 2, 2024 3:38 AM

May 2 (Reuters) - Shutterstock Inc ( SSTK ):

* SHUTTERSTOCK ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE

ENVATO,

FEATURING ENVATO ELEMENTS, THE UNLIMITED CREATIVE CONTENT

SUBSCRIPTION

* SHUTTERSTOCK INC ( SSTK ): $245 MILLION CASH PURCHASE OF 100% OF

ENVATO

PTY LTD AT CLOSING, AFTER CUSTOMARY WORKING CAPITAL AND OTHER

ADJUSTMENTS

* SHUTTERSTOCK INC ( SSTK ) - UNDER DEAL, FINANCING VIA A $375

MILLION

CREDIT FACILITY

* SHUTTERSTOCK ( SSTK ): DEAL TO ACCELERATE PATH TO CO'S 2027

LONG-TERM

TARGETS WITH ENVATO ADDING 20% TO ANNUAL REVENUES AND 15% TO

ANNUAL ADJUSTED EBITDA

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