- Private equity firm Apollo Global Management LLC said on Monday it had agreed to acquire U.S. digital imaging company Shutterfly Inc for $2.7 billion, including the company’s $900 million debt.
The deal, first reported by Reuters on Monday, is the culmination of several years of private equity interest in Shutterfly, which allows customers to make photo books, cards and gifts from their photos.Apollo said it would pay $51 per share in cash for Shutterfly, a 13% premium to the company’s value on Feb. 5, the last trading day before it announced it would explore a sale.
Headquartered in Redwood City, California, Shutterfly makes personalized consumer photo products such as photo books, holiday cards, invitations and stationary. Shutterfly was approached by several buyout firms over the years about a deal, including by Thomas H. Lee in 2016 and Silver Lake Partners LP in 2014, Reuters has previously reported.
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