Shutterfly acquired for $2.7B, set to be merged with Snapfish

Apollo Global Management LLC (AGM), an American private equity firm, has agreed to acquire online photo hosting and printing platforms Shutterfly and Snapfish in a multi-billion dollar deal.

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...

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