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


Shutterfly office in Santa Clara, California.

Karen Desjardin | Getty Images

Digital imaging company Shutterfly Inc announced on Monday that it’s agreed to be acquired by private equity firm Apollo Global Management, a deal valued at $2.7 billion. 

Apollo Funds will acquire all the outstanding shares of Shutterfly for $51 per share in cash, which represents a premium of roughly 1.5% to Shutterfly’s closing price on Monday. Shutterfly ended the trading day up 2.7%, and was halted in after hours trading due to the pending news. 

“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,” said William Lansing, Shutterfly’s Chairman of the Board.

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

Source link

Products You May Like

Articles You May Like

Financial advisory firms offer ‘returnship’ programs
Fed’s James Bullard wanted an ‘insurance’ rate
US lawsuit ‘separate and distinct’ from Huawei mishaps
Caesars Entertainment, Dunkin’, Spotify, Deere & more
Traders this week bet on a Fed rate cut in record-setting numbers

Leave a Reply

Your email address will not be published. Required fields are marked *