According to a report from Reuters, AGM is shelling out $2.7 billion for Shutterfly, which includes approximately $900 million in debt, some of which is likely to be from Shutterfly’s $825 million acquisition of school and family portrait franchise Lifetouch last year. The report further specifies Apollo is paying ‘$51 per share in cash for Shutterfly, a 13% premium to the company’s value on Feb. 5, the last trading day before it announced it would explore a sale.’
No specific financials were given on the acquisition of Snapfish, but Reuters reports Apollo plans on merging the two companies together.
Both Shutterfly and Snapfish allow customers to create various prints, books, stationary and other trinkets with images on them, so it makes sense to merge the two together following the acquisition. For the time being, both the Shutterfly and Snapfish websites are up and operating as usual. There doesn’t appear to be a timeline for when the merge will happen or how it will go down.