The Private Equity and Technology teams advised Envato Pty Ltd and its shareholders in their definitive share purchase agreement in connection with the sale of its entire issued share capital to Shutterstock, Inc. (NYSE: SSTK) for a base purchase price of $285 million, subject to customary adjustments. Pursuant to the terms of the transaction, completion of the sale is contingent upon certain conditions being satisfied, including receipt of regulatory approvals.
Envato, based in Melbourne, Australia, is a leading online platform for creative assets and tools. Envato provides millions of people worldwide the ability to buy and sell creative assets, use smart design templates, and learn creative skills. Through its industry-leading marketplace paired with an unlimited subscription service, Envato helps creatives get projects done more efficiently.
Shutterstock, based in New York City, is a leading global technology company that offers a creative platform for high-quality assets, tools, and services. Shutterstock helps inspire graphic designers, creative directors, video editors, filmmakers, web developers, and other creative professionals by providing diverse content to businesses, marketing agencies and media organizations around the world.
The Goodwin team was led by James Grimwood, Scott French, Justin Smith, Stanislav Shishkin, Andrew Schipper, Hannah Vigil, Caitlin Chan, Sally Le, Lucy Tataryan, and Andrew Crouch (Corporate); Ora Grinberg and Alicia Wi (Tax); Steven R. Argentieri, James Taylor, and Alexandra Mulligan (Intellectual Property); Jacqueline Klosek, Gretchen Scott, Alex Intile, Annabel Loose, and Isabelle Staff (Privacy); Ai Tajima (Representation & Warranty Insurance); Cisco Palao-Ricketts and Rahat Shaheen Tariq (ERISA and Executive Compensation); Drew Schaffer (Labor & Employment); Jacob Osborn, Carrie Miller, and Katie Dee (Global Trade); Paul Jin, Eram Khan, Anuj Ghai, Ortal Ben Aharon, Sophie Entwisle, and Arom Yun (Antitrust); Andrew Cheng and Cary W. Chan (Debt). King & Wood Mallesons served as Australian co-counsel for Envato.
For additional details on the agreement, please read the press release.