After the U.S. Department of Justice approved the Getty Images merger deal, Shutterstock's stock price rose

Investing.com – On Monday, Shutterstock (NYSE: SSTK) stock rose 5%, Getty Images (NYSE: GETY) stock climbed 7%, after the U.S. Department of Justice approved the proposed merger between the two companies.

The companies announced that the U.S. Department of Justice has completed its review, and the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired unconditionally. This regulatory approval marks a significant milestone for the deal, which aims to merge the two major players in stock photography and content licensing markets.

Getty Images CEO Craig Peters stated, “We are very pleased that the U.S. Department of Justice recognizes the benefits of this transaction. With today’s approval, we have taken an important step in integrating these two companies, which will create opportunities for us, strengthen our financial foundation, and enable future investments.”

Shutterstock CEO Paul Hennessy commented, “By combining our complementary strengths, we will be able to provide better service and support to customers and contributors over time.”

The merger is expected to generate significant synergies in sales, general and administrative expenses, and capital expenditures once completed.

However, regulatory hurdles remain. In the UK, the Competition and Markets Authority released a provisional report on February 19 as part of ongoing second-phase review. The two companies are in discussions with the authority and awaiting its final decision, which is expected by April 19. Getty Images and Shutterstock stated they still hope the agency will reach a conclusion consistent with the U.S. Department of Justice and other global regulators.

The companies said they are working to obtain the remaining necessary approvals for the deal.

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