Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion

Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion

Shutterfly workplace in Santa Clara, California.

Karen Desjardin | Getty Images

Digital imaging company Shutterfly Inc introduced on Monday that it is agreed to be acquired by personal fairness agency Apollo Global Management, a deal valued at $2.7 billion.

Apollo Funds will purchase all of the excellent shares of Shutterfly for $51 per share in money, which represents a premium of roughly 1.5% to Shutterfly’s closing worth on Monday. Shutterfly ended the buying and selling day up 2.7%, and was halted in after hours buying and selling as a result of pending information.

The company resumed buying and selling down a fraction of 1%. 

“We look forward to working closely with Apollo as we continue to build a compelling service that enables deeper, more personal relationships for our customers, and to advance our digital and manufacturing capabilities to support sustainable growth,” stated William Lansing, Shutterfly’s Chairman of the Board.

In a separate announcement on Monday, Shutterfly named Ryan O’Hara president and CEO, efficient June 24.

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