Apollo Nears Deals to Buy Shutterfly, Snapfish - USA DAILY NEWS

Apollo Nears Deals to Buy Shutterfly, Snapfish

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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. District Photo would end up with a substantial minority stake in the combined…

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