Shutterstock and Getty Images will merge in a $3.7 billion deal.

Shutterstock and Getty Images Holdings have reached an agreement to combine into a single visual content business with an estimated enterprise value of $3.7 billion. When the merger closes, Getty stockholders will own around 54.7% of the combined business, which will continue to use the Getty name, the firms announced Tuesday. Ownership of the remaining 45.3% will go to shutterstock stockholders.The $3.7 billion visual content company that will be created by the merger of Shutterstock and Getty Images will add a variety of items to their portfolios.The $3.7 billion visual content company will be formed by the merger of Shutterstock and Getty Images.

Getty Images CEO Craig Peters said in a statement on Tuesday that "never has there been a better time for our two businesses to come together, given the rapid rise in demand for compelling visual content across industries."Peters will be the combined company's chief executive officer. The shareholders of Shutterstock will have the option of receiving a mixed consideration of 9.17 shares of Getty Images common stock plus $9.50 in cash for each share of Shutterstock common stock they own, or approximately $28.85 per share in cash for each share of Shutterstock common stock they own. Alternatively, they will receive 13.67 shares of Getty Images common stock for each share of Shutterstock common stock they own.