Shutterfly office in Santa Clara, California.

Karen Desjardin | Getty Images

Digital imaging company Shutterfly Inc announced on Monday that it’s agreed to be acquired by private equity firm Apollo Global Management, a deal valued at $2.7 billion.

Apollo Funds will acquire all the 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 halted in after hours trading due to the pending news.

The company resumed trading down a fraction of 1%. 

“We look forward to working closely with Apollo as we continue to build a compelling service that enables deeper, more personal relationships for our customers, and to advance our digital and manufacturing capabilities to support sustainable growth,” said William Lansing, Shutterfly’s Chairman of the Board.

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

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