Shutterfly task in Santa Clara, California.
Karen Desjardin | Getty Images
Digital imaging company Shutterfly announced on Monday that it’s admitted to be acquired by private equity firm Apollo Global Management, in a deal that values the company at $2.7 billion.
Apollo Assets will acquire all outstanding shares of Shutterfly for $51 per share in cash, which represents a premium of roughly 1.5% to Shutterfly’s end price on Monday. Shutterfly ended the trading day up 2.7%, and was briefly halted in extended trading.
Shares resumed truck a fraction of 1% lower.
“We look forward to working closely with Apollo as we continue to build a compelling utilization that enables deeper, more personal relationships for our customers, and to advance our digital and manufacturing capabilities to support sustainable expansion,” said William Lansing, Shutterfly’s Chairman of the Board.
In a separate announcement on Monday, Shutterfly named Ryan O’Hara president and CEO, remarkable June 24.
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