Visual media company and supplier of stock images Getty Images Holdings and American provider of stock photography, footage, music and editing tools Shutterstock have agreed to merge into one visual-content company with an enterprise value of about 3.7 billion U.S. dollars.

The companies said on Tuesday that Getty shareholders would own about 54.7 percent of the combined company, which will retain the Getty name, at the closing of the deal. Shutterstock shareholders will own the remaining 45.3 percent.

"With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together," said Getty Chief Executive Craig Peters, who will serve as CEO of the combined company.

"Getty and Shutterstock expect the combination to drive synergies of between 150 million dollars and 200 million dollars across capital expenditures and selling, general and administrative expenses within the first three years after a deal closes," reported The Wall Street Journal about the move.

About two-thirds of this is expected to be delivered within the first 12 to 24 months. The companies also expect the deal to add to earnings and cash flow beginning in the second year, it added.