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Private Equity Firm to Acquire Shutterfly, Snapfish
12 June 2019
Reuters is reporting that Apollo Global Management LLC has announced an agreement to acquire Shutterfly Inc. for $2.7 billion and Snapfish, which it intends to merge with Shutterfly.
The deal includes $900 million in Shutterfly debt.
Shutterfly's speciality of photo cooks, greeting cards and gifts "has become increasingly commoditized and competitive, forcing it to explore a sale," according to the story by Greg Roumeliotis. The company has been seeking a buyer since February.
Shutterfly Chief Executive Christopher North is expected to leave the company in August.