01:43 PM EDT, 05/02/2024 (MT Newswires) -- Shutterstock ( SSTK ) said Thursday it has entered a definitive agreement to acquire Envato, a provider of digital creative assets and templates.

Under the terms of the transaction, Shutterstock ( SSTK ) said it will purchase 100% of Envato for $245 million at closing, after customary working capital and other adjustments.

The transaction is expected to close in Q3, subject to customary closing conditions, Shutterstock ( SSTK ) said.

Shares of Shutterstock ( SSTK ) were down 2.9% in recent Thursday trading.

Price: 41.22, Change: -1.22, Percent Change: -2.87