Shares of Shutterstock Inc. plunged about 30% in after-hours trading after Getty Images Holdings Inc. said it would cancel a planned merger due to a ruling from UK regulators.
The board of Getty Images voted to terminate the proposed deal after the UK's Competition and Markets Authority conditioned its approval on a sale of the company's editorial photography business, according to a regulatory filing Tuesday.
The board resolved to terminate the merger agreement after July 6, assuming there is no material change in circumstances. Getty Images said it intends to hire a financial adviser to find other financing alternatives.
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The two online photo businesses agreed to a deal in January that valued the combined companies at $3.7 billion.
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