Apollo (NYSE:APO) to buy Shutterfly (NADAQ:SFLY) at $51 per share
- Shares of Shutterfly surged 2.66% to settle at $50.25 on Monday.
- Shutterfly’s popularity waned after people preferred sharing photos on Facebook and other social networks.
Private equity firm Apollo Global Management is expected to buy photo publishing company Shutterfly for $1.74 billion or $51 a share, even as the two-decade-old company struggles to maintain its digital photo sharing legacy following the launch of Facebook and other social networking platforms. While Apollo has bought more than 150 companies, the PE firm is expected to merge Shutterfly along with its purchase of photo printer, Snapfish.