Funds managed by affiliates of Apollo Global Management (NYSE: APO), a global alternative investment manager, today are acquiring the outstanding shares of Shutterfly, Inc. (NASDAQ: SFLY), a retailer and manufacturing platform for personalized products and communications, for $51.00 per share in cash, or enterprise value of approximately $2.7 billion.
The deal is expected to close by early fourth quarter 2019, subject to customary closing conditions. Upon completion, Shutterfly will become a privately held company, and its shares will no longer be listed on the NASDAQ Global Select Market.
Shutterfly also announced the appointment of Ryan O’Hara as President and Chief Executive Officer, effective June 24, 2019. When Ryan joins the company, he will simultaneously be appointed to serve as a director on the Board of Directors.
Simultaneously, Apollo announced that the Apollo Funds entered into a definitive agreement to combine Snapfish, LLC, a San Francisco, CA-based internet-based retailer of photography products, with Shutterfly.
The Snapfish transaction is subject to specified closing conditions, as well, and is expected to close simultaneously with the Shutterfly acquisition. Upon the closing of the deal, the Snapfish owners will become significant minority owners in the combined Shutterfly and Snapfish business.
Financing is being provided by Barclays, Citi and SunTrust Robinson Humphrey, Inc..
Founded in 1999, Shutterfly is a retailer and manufacturing platform for personalized products and communications. It has three divisions:
– Shutterfly Consumer,
– Lifetouch, and
– Shutterfly Business Solutions.
Shutterfly Consumer and Lifetouch help consumers capture, preserve, and share life’s important moments through professional and personal photography, and personalized products.
Shutterfly Business Solutions delivers digital printing services that enable customer engagement through personalized communications.
Founded in 1999, Snapfish is a global leader in online photo printing services operating in multiple countries around the world and supporting blue-chip companies’ photo efforts.