Getty family and Koch commit up to $533M to take Getty Images private

Affiliates of the Getty family and Koch Equity Development committed up to $533 million in new equity to take Getty Images private through a prepackaged Chapter 11, FO Pro reported in its Oct. 12–15 deal round-up. Holders of 83.5% of the Seattle company's unsecured bonds agreed to retire $270 million in senior notes.

Pontegadea, the family office of Zara founder Amancio Ortega, bought 1 N. Wacker Drive, a 51-story Chicago office tower, from Irvine Co. for about $550 million. The price included the assumption of a $353 million CMBS loan, and the 1.4 million-square-foot building is 94% leased, with PwC, UBS and Fitch Ratings among the tenants.

For family offices comparing similar commitments, the two deals differ in mechanism. Getty's equity enters a prepackaged Chapter 11 that already carries 83.5% bondholder support, while Pontegadea's purchase assumed $353 million of CMBS debt on a building that is 94% leased. Each structure discloses the terms — support level or leverage — that a family office would need to underwrite a comparable deal.

DFO Public Investments, a Delaware fund tied to Michael Dell's family office, agreed to buy about 1.34% of SK Inc. from Chairman Chey Tae-won for 544 billion won. The 972,493 shares price at roughly $406 million, according to a regulatory filing, as part of a larger disposal Chey disclosed to help fund his divorce settlement.

Estuary Biotherapeutics launched with $103 million in committed financing, including a $93 million Series A led by RA Capital Management. Investors include a family office connected to an individual living with autosomal dominant polycystic kidney disease.