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Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion

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Digital imaging company Shutterfly announced on Monday that it's agreed to be acquired by Apollo Global Management.

Apollo Funds will acquire all outstanding shares of Shutterfly for $51 per share in cash, which represents a premium of roughly 1.5% to Shutterfly's closing price on Monday. Shutterfly ended the trading day up 2.7%, and was briefly halted in extended trading.

In a separate announcement on Monday, Shutterfly named Ryan O'Hara president and CEO, effective June 24.

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