National law firm Shoosmiths has advised the shareholders of Rex Features, the largest independently owned photographic press agency in Europe, on its 33m (USD) sale to Shutterstock, Inc., a leading global provider of commercial digital imagery and music.
With Rex's editorial expertise and Shutterstock's technical prowess, the combined companies will bring a comprehensive offering to market across both editorial and commercial content.
Founded in 1954 with offices in London and Los Angeles, Rex Features offers media companies and advertisers' images and videos, including a live feed of tightly edited celebrity, entertainment, sports and news images and videos, along with access to a multi-decade archive of iconic images.
Shutterstock was founded in 2003 and is listed in New York. The company has focused on providing royalty free photos, videos and music to businesses, marketing agencies and media organizations.
Shoosmiths corporate partner Sean Wright led the deal and was assisted by the corporate team, comprising of associate Lisa Sigalet and solicitors Emma Livesey and Jamie Chambers.
Managing Director of Rex Features, Larry Lawson, said: 'Given Shutterstock's leadership in commercial imagery and Rex's history of meeting customers' editorial needs, we are excited about what Rex and Shutterstock can accomplish together. Shoosmiths has provided us with exemplary advice across the board, throughout this important deal.'
Shoosmiths' Sean Wright, said: 'This really is a historic global deal, which will see the convergence of two commercial press agencies. This further serves to bolster our growing reputation for advising on high-profile national and international deals. Shoosmiths is ranked top in the South East and second nationally by deal volume in Experian's 2014 UK Deal Review and Advisor League Table, which is evidence of our growing market share.'
'We wish Shutterstock and Rex Features every success in this combination.'
Shoosmiths works with businesses from start-up and first round finance through to mergers and acquisitions, MBO and MBI transactions and development funding and on exits, by way of sale, listing or private equity investment.
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