Getty Images agency is snapped up in £1.2bn buyout by Hellman & Friedman

GETTY Images, the world's largest distributor of stock photographs to the media, has accepted a £1.2 billion buyout by private equity firm Hellman & Friedman.

The agency, which captured the historic image of St Paul's during the Blitz, announced last month it was considering a sale.

Its archive has about 70 million pictures and around 30,000 hours of film footage. It is understood Hellman & Friedman wants to capitalise more on the potential of the internet.

Jonathan Klein, Getty's chief executive, hailed the deal as a vote of confidence in the company.