The Carlyle Group buys Getty Images for $3.3 billion

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The Carlyle Group and the management of Getty Images said Wednesday they had formed a partnership to buy Getty Images, Inc. from Hellman & Friedman for $3.3 billion.

The deal foresees the private investment group Carlyle acquiring a controlling stake in Getty Images while Getty Images co-founder and chairman Mark Getty and the Getty family will “roll substantially all of their ownership interests into the transaction,” a statement said.

CEO and co-founder Jonathan Klein will also take part in the deal.

“In seventeen years, we have built a business that has revolutionized the industry, with innovation at its core,” said Mark Getty. “I am confident that the partnership between Getty Images and The Carlyle Group will see the company’s success continue.”

Hellman & Friedman acquired Getty in 2008.

Getty is a major producer and distributor of photos, videos and multimedia products. AFP and Getty Images have had a distribution partnership since 2003.

The transaction is expected to close this year.