Shutterstock to acquire Envato for $245M

Shutterstock announced that it entered into a definitive agreement to acquire Envato. Founded in 2006 and headquartered in Australia with a presence in Mexico and New Zealand, Envato enables millions of people around the world to buy and sell creative assets, use smart design templates and learn skills. The transaction consists of $245M cash purchase of 100% of Envato at closing, after customary working capital and other adjustments. Th transaction is expected to accelerate path to Shutterstock’s 2027 long-term targets with Envato adding 20% to annual revenues and 15% to annual adjusted EBITDA. Financing via a $375M credit facility with expected drawn leverage of 0.7x net debt to 2024 combined adjusted EBITDA Expected transaction closing in the third quarter, subject to customary closing conditions.