6/10, 11:54 PM (Source: TeleTrader)
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Apollo to buy Shutterfly in $2.7B deal

Apollo Global Management LLC announced it will acquire image-publishing company Shutterfly Inc. for $51 per share in cash or enterprise value of approximately $2.7 billion. According to the statement, the transaction is expected to close by the early fourth quarter of 2019. Apollo will also buy the photo-sharing service Snapfish and intends to combine the two companies upon acquisition, pulling Shutterfly off the stock market.

"This transaction is a testament to our outstanding team of talented employees and the company they have built. What began as a digital photo printing company is now a large and diversified business that has successfully evolved with our customers. As we enter this exciting new chapter for Shutterfly, Apollo is an ideal strategic partner, as they will provide additional resources and industry knowledge while we continue to work on our important business initiatives," said Shutterfly’s Chairman of the Board William Lansing.

Shutterfly also announced it appointed Ryan O’Hara as its CEO effective June 24.

Breaking the News / DJ