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Shutterfly Agrees To Go Private In $2.7 Bln Deal With Apollo Global; Names CEO

Online photo publishing company Shutterfly, Inc. (SFLY) has agreed to be acquired by alternative investment manager Apollo Global Management, LLC (APO) for $51 per share in cash, or enterprise value of approximately $2.7 billion.

The per share cash consideration represents a premium of 31% on Shutterfly's closing stock price of $38.91 on April 23, the last trading day before a media report speculated that Apollo Funds were considering to takeover the firm.

The transaction, subject to customary closing conditions, is expected to close by early fourth quarter 2019. After the deal closure, Shutterfly will become a privately held company.

Shutterfly's Board of Directors unanimously approved the deal and recommended its stockholders to vote in favor.

William Lansing, Shutterfly's Chairman of the Board, said, "What began as a digital photo printing company is now a large and diversified business that has successfully evolved with our customers. As we enter this exciting new chapter for Shutterfly, Apollo is an ideal strategic partner, as they will provide additional resources and industry knowledge while we continue to work on our important business initiatives."

Shutterfly also announced the appointment of Ryan O'Hara as its President and Chief Executive Officer, effective June 24.

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