The personalized photo product company will be merged with Snapfish a former

first_img Sponsored Content This Egg Is Instagram’s Most Liked Photo of All-TimeMove over, Kylie Jenner.ShareVideo Player is loading.Play VideoPauseMuteCurrent Time 0:06/Duration 1:57Loaded: 42.08%0:07Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedEnglishAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenApollo Global Management agreed to buy Shutterfly for $51 a share in cash, according to a statement Monday.The deal values the online retailer at about $1.74 billion, based on the company’s outstanding shares at the end of March. Apollo will also assume Shutterfly’s more than $1 billion in debt.The buyout firm plans to merge Shutterfly with rival Snapfish, whose owners will become minority shareholders in the combined business, Apollo said.The offer for Shutterfly represents a 31% premium to its closing share price of $38.91 on April 23, a day before Bloomberg News reported that the Redwood City, Calif.-based company had drawn interest from suitors including Apollo. Shutterfly’s board unanimously approved the deal and has recommended that shareholders vote in favor of the transaction.The deals are expected to close in the fourth quarter.“Shutterfly has cultivated a deep connection with customers,” Apollo Senior Partner David Sambur said in a statement. “At a time when billions of photos are taken every day, Shutterfly has led the charge as a pioneer of personalized photo products and school photography.”Shutterfly, which sells personalized frames and photo albums online, announced in February that it had retained an adviser to review strategic alternatives after receiving interest from potential buyers.Shutterfly closed up 2.7% to $50.25 Monday, giving the company a market value of about $1.7 billion. Its shares have fallen about 48% in the past year.LionTree Advisors is advising Apollo on the deal. Barclays, Citigroup, and SunTrust Banks are providing financing for the transaction and also serving as financial advisers to Apollo. Apollo is getting legal counsel from Paul, Weiss, Rifkand, Wharton & Garrison.Morgan Stanley acted as Shutterfly’s financial adviser while Fenwick & West is its legal adviser.You May Like The Future of Smart Homes by Qingdao Haier HealthFormer GE CEO Jeff Immelt: To Combat Costs, CEOs Should Run Health Care Like a BusinessHealthFor Edie Falco, an ‘Attitude of Gratitude’ After Surviving Breast CancerLeadershipGhosn Back, Tesla Drop, Boeing Report: CEO Daily for April 4, 2019AutosElon Musk’s Plan to Boost Tesla Sales Is Dealt a SetbackMPWJoe Biden, Netflix Pregnancy Lawsuit, Lesley McSpadden: Broadsheet April 4last_img read more