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Shutterfly office in Santa Clara, California.
Karen Desjardin | Getty Images
The digital imaging company Shutterfly Inc. announced Monday the acquisition of private equity firm Apollo Global Management, for $ 2.7 billion.
The Apollo Funds will acquire all outstanding shares of Shutterfly at a price of $ 51 per share, which represents a premium of approximately 1.5% over Monday's closing Shutterfly price. Shutterfly ended the day trading, up 2.7%, and was suspended after normal business hours due to news waiting.
"We look forward to working closely with Apollo while continuing to create a compelling service that allows customers to build deeper and more personal relationships and strengthen our digital and manufacturing capabilities to support sustainable growth," he said. said William Lansing, chairman of Shutterfly 's board of directors. Board.
In another announcement on Monday, Shutterfly named the president and CEO, Ryan O & # 39; Hara, effective June 24.
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