Private Equity firm buys Shutterfly and snapfish, plans merge

Apollo Global Management LLC is buying Shutterfly Inc. and Snapfish LLC, which the private-equity giant plans to combine to create a bigger player in online-photo services. The deal for Shutterfly values the photo-book manufacturer and retailer at $51 a share, or about $1.7 billion, the companies said Monday. The purchase of Snapfish, which like parent District Photo Inc. is closely held, would be contingent on the Shutterfly acquisition closing.

Source: www.wsj.com