Baker McKenzie has advised the shareholders of Depositphotos, a stock photo content marketplace, on the sale of 100% of the shares in Depositphotos, including its subsidiary Crello, an online graphic design editor, to VistaPrint, a global printing, design and marketing service provider. The sale was completed for a total price of USD 85 million.
Commenting on the transaction, Viacheslav Yakymchuk stated:
We are extremely honored to have advised Depositphotos and its shareholders on this landmark deal for the Ukrainian IT sector. We trust our strong cross-border experience in complex, high-value technology M&A transactions has contributed to its successful completion. By integrating our M&A and TMT teams at the local and global levels, we are well positioned to advise our clients on IT M&A transactions.
Dmitry Sergeev, the founder of Depositphotos, noted:
Because we had institutional investors for a number of years, we took the selection process seriously concerning the legal adviser for the deal. We chose Baker McKenzie and it was the right decision. Baker McKenzie has provided the highest degree of professionalism, in-depth understanding of IT specifics and the strongest M&A expertise. All of this has led to the transaction being closed quickly. We were impressed with their work and their team. They are absolutely the best.
Vadim Nekhai, the former CEO of Depositphotos, commented:
Cross-border M&A transactions are among the most complex ones. Baker McKenzie proved to be a reliable partner and helped us navigate through all the stages of due diligence, agreement negotiations and regulatory clearance. As a global firm, they were able to deal with every nuance of the US, European and Ukrainian specifics.
Baker McKenzie's multijurisdictional M&A core team for this transaction included Partners Viacheslav Yakymchuk (Kyiv) and Lisa Fontenot (Palo Alto), along with Associate Gwen Karanadze (New York) and Counsel Andrii Moskalyk (Kyiv), supported by the lawyers from the Employment, IP and Tax Practice Groups from the Kyiv, Palo Alto, San Francisco and Los Angeles offices. Kyiv Partner Oksana Simonova and Senior Associate Olga Mikheieva secured merger control filing in Ukraine.
Founded in 2009 by Dmitry Sergeev, Depositphotos became the fastest-growing stock photography platform, featuring over 220 million licensed stock photos, graphics, vectors and videos in its library. In 2017, the company launched the online design tool Crello, which allows anyone to create animated videos, web banners, social media posts, email headers and other popular formats for web and print. (depositphotos.com/)
About Baker McKenzie
Baker McKenzie is a transactional powerhouse with over 2,500 deal lawyers and expertise in over 46 countries. We excel in cross-border deals ― over 60% of our deals are multijurisdictional. We are global and local, combining money-market sophistication with local excellence. (www.bakermckenzie.com)