BRIEF-Shutterstock Enters Into Definitive Agreement To Acquire Envato-March 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 9, 2024 11:34 PM

May 10 (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

* SHUTTERSTOCK INC ( SSTK ) - TRANSACTION EXPECTED TO ACCELERATE PATH

SHUTTERSTOCK'S 2027 LONG-TERM TARGETS WITH ENVATO ADDING 20% TO

ANNUAL REVENUES

* SHUTTERSTOCK ( SSTK ) - EXPECTED TO ACCELERATE PATH TO

SHUTTERSTOCK'S

LONG-TERM TARGETS; ENVATO SEEN ADDING 20% TO ANNUAL REVENUES,

15% TO ANNUAL ADJUSTED EBITDA

* SHUTTERSTOCK INC ( SSTK ) - FINANCING FOR DEAL VIA A $375 MILLION

CREDIT

FACILITY WITH EXPECTED DRAWN LEVERAGE OF 0.7X NET DEBT TO 2024

COMBINED ADJUSTED EBITDA

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