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Getty Images is terminating its $3.7 billion merger agreement with Shutterstock after the UK Competition and Markets Authority imposed conditions the company says it has no obligation to accept.
The deal — already cleared without restrictions by the US Department of Justice in February — collapsed over a British demand that Shutterstock first divest its entire global editorial business, including the celebrity and news photography agencies Backgrid and Splash.
The Condition That Killed the Deal The CMA's May ruling required Shutterstock to offload its global editorial unit before the combination could proceed in the UK.
In an SEC filing published Tuesday, Getty stated it is "not required to accept" those conditions.
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