Shutterfly (NASDAQ:SFLY) agrees to be acquired by Apollo Global Management (NYSE:APO) funds for about $51 per share in cash, representing a premium of 31% vs. Shutterfly's unaffected closing stock price of $38.91 on April 23, 2019.
Enterprise value of deal ~$2.7B.
Shutterfly rises 0.3% to $50.40 in after-hours trading.
Deal is expected to close by early Q4 2019.
Financing is being provided by Barclays, Citi, and SunTrust Robinson Humphrey.
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