06/11/2019 | News release | Distributed by Public on 06/12/2019 11:42
Paul, Weiss is advising funds managed by affiliates of Apollo Global Management, LLC in their acquisition of internet photo products pioneers Shutterfly, Inc. and Snapfish, LLC. The Shutterfly deal has an enterprise value of $2.7 billion; the value of the Snapfish transaction has not been disclosed.
Under the terms of the deal, Apollo will pay Shutterfly shareholders $51.00 per share in cash. Both transactions are expected to close by early in the fourth quarter of 2019; upon closing, the current owners of Snapfish will become significant minority owners in the combined Shutterfly and Snapfish business.
The Paul, Weiss team advising on both transactions includes M&A partners Taurie Zeitzer and Justin Rosenberg and counsel Daniel Layfield; finance partners Mark Wlazlo and Gregory Ezring and counsel Gabriella Toossi and Corinne Musa; employee benefits partner Andrew Gaines and counsel Jason Ertel and Jarrett Hoffman; intellectual property partner Chuck Googe; tax partners Brian Grieve and Brad Okun; securities partner Brian Janson; litigation partners Jonathan Kanter and Gregory Laufer and counsel Jonathan Hurwitz; real estate partner Mitchell Berg; investment management partner Matthew Goldstein; and antitrust counsel Yuni Sobel and Marta Kelly.June 11, 2019