Apollo Buys Shutterfly

Apollo buys Shutterfly.
   
Apollo Global Management buys Shutterfly for $2.7 billion.
   
Apollo will also buy Snapfish from District Photo, to combine it with Shutterfly.  District Photo will become an important component shareholder in the collective business.
   
David Sambur of Apollo said: ‘We are excited for our funds to acquire Shutterfly, who has cultivated a deep connection with customers.  At a time when people are taking billions of photos every day, Shutterfly has led the charge as a pioneer of personalized photo products and school photography, helping consumers capture, save, and share life’s most important moments. We look forward to working with Shutterfly’s talented employees and supporting further investments in technology to drive the continued growth and success of the business.’
   
Neil Cohen of Snapfish and District Photo said: ‘We look forward to working with the Apollo Funds.  The Apollo Funds bring considerable financial resources as we continue to invest in innovation, as well as valuable strategic perspectives to drive growth over the coming years.  We are committed to supporting the company and continuing our relationship as a fulfillment partner.’
   
David Sambur of Apollo added: ‘We are thrilled to partner with two pioneers of the photo personalization industry in these innovative transactions.  We are confident that this transaction will create an opportunity for innovation and continued growth in the photo and personalized photo products industry.  We are excited to work with Neil and the Snapfish team in this transaction and to enjoy their market expertise after three generations in the photo product business.  We believe that both companies will be better positioned to run in a competitive marketplace through their enhanced ability to invest in product innovation to deliver the best consumer experience.’
   
LionTree is lead financial adviser to Apollo on the deal.  Barclays, Citigroup, and SunTrust Robinson Humphrey will finance the transaction and are serving as financial advisers.  Evercore is also an adviser to Apollo.  Paul, Weiss, Rifkind, Wharton & Garrison serves as legal counsel.
   
Morgan Stanley is Shutterfly’s financial adviser.  Fenwick & West is a legal adviser.
   
UBS Investment Bank is acting as financial adviser to both Apollo, in connection with the Shutterfly deal, and District Photo, in connection with the Snapfish deal. 
   
Arent Fox serves as legal counsel to Snapfish.

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