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Apollo funds close Shutterfly acquisition

Affiliates of funds managed by Apollo Global Management Inc.'s affiliates finalized their acquisition of Shutterfly Inc. in a cash deal with an enterprise value of approximately $2.7 billion.

Shutterfly shareholders are entitled to receive $51.00 per share in cash in exchange for their common shares in the company.

Shutterfly, which offers a retailer and manufacturing platform for personalized products and communications, delisted its shares from the NASDAQ Global Select Market and is now a privately held company.

The proposed merger of Shutterfly with Snapfish LLC remains in process.

Barclays, Citigroup, SunTrust Robinson Humphrey, Credit Suisse, BMO Capital Markets, BNP Paribas, Deutsche Bank Securities, HSBC, RBC Capital Markets, Mizuho Securities and UBS Investment Bank provided financing for the transaction. LionTree, Evercore, UBS Investment Bank, Barclays, Citigroup and SunTrust Robinson Humphrey were financial advisers to the Apollo funds, with Paul Weiss Rifkind Wharton & Garrison LLP serving as their legal adviser.

Morgan Stanley & Co. LLC was financial adviser to Shutterfly, and Fenwick & West LLP was its legal counsel.