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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, according to the company announcement. 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,” William Lansing, Shutterfly’s Chairman of the Board, said in a statement.
This is breaking news. Please check back for updates.