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Apollo's $2.7B Deal For Shutterfly Assisted By 2 Firms

Law360 (June 10, 2019, 8:45 PM EDT) -- Private equity giant Apollo Global has agreed to buy California-based image publishing company Shutterfly for roughly $2.7 billion, the companies said Monday, in a deal steered by Fenwick & West and Paul Weiss.

Under the terms of the transaction, funds managed by affiliates Apollo Global Management LLC will acquire Shutterfly Inc. for $51 per share in cash, equivalent to an enterprise value of about $2.7 billion, according to a statement. That per-share price represents a 31% premium to Shutterfly’s closing stock price on April 23, the last trading before a potential deal for the company popped up in the rumor mill....

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