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Apollo Global Management LLC buys Shutterfly Inc. and Snapfish LLC, which the private equity giant plans to merge to create a larger player in online photography services.
The agreement for Shutterfly values the manufacturer and seller of photo books at $ 51 per share, or about $ 1.7 billion, announced Monday the two companies. The purchase of Snapfish, which, like District Photo Inc., is closely held, would be subordinated to the closing of the Shutterfly acquisition. District Photo would end up with a substantial minority stake in the …
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