Private equity firm buying Shutterfly for $1.74 billion

SAN FRANCISCO — Private equity firm Apollo Global Management Photo is buying online photo publishing company Shutterfly for $51 per share.

Apollo will pay $1.74 billion for the 20-year-old company, which became popular offering its users prints and photobooks of their favorite shots. But demand that type of service has declined as people opt to share photos online through Facebook and other social networks.

Redwood City, California-based Shutterfly's stock closed at $48.95 per share on Friday — and was trading as high as $94.28 per share a year ago.

Ryan O'Hara, the former CEO at real estate company Move Inc., will become Shutterfly's new chief executive.

Apollo has bought more than 150 companies, including security company ADT, entertainment restaurant Chuck E. Cheese's and telecom firm Charter Communications.

You may also like these

Amazon to block Australians from global websites...

Jun 1, 2018

Amazon will block Australians from buying from its international e-commerce websites and restrict...

Usain Bolt to make run at pro soccer in Australia

Jul 17, 2018

Trading spikes for boots, Usain Bolt ready to make run at pro soccer in Australia

Australian prime minister boasts security...

Feb 11, 2019

Australia's prime minister has described his government as stronger on national security than the...

Australia to reopen island detention camp after...

Feb 13, 2019

Australia to reopen a mothballed island detention camp in anticipation of new migrant smuggling...

Australian opposition party vows big surpluses if...

May 10, 2019

Australia's opposition party has promised to deliver bigger budget surpluses if it wins elections...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!