Apollo Global to take Shutterfly private in $2.7B deal

|About: Apollo Global Management, LLC (APO)|By:, SA News Editor

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.

Subscribe for full text news in your inbox