Shutterfly plans new debt financing for buyout by Apollo Global

By Sara Rosenberg

New York, June 11 – Shutterfly Inc. has received a commitment for debt financing to help fund its acquisition by Apollo Global Management LLC, according to a news release.

Barclays, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc. are leading the financing.

Under the agreement, Shutterfly is being bought for $51.00 per share in cash, or an enterprise value of about $2.7 billion.

Other funds for the transaction will come from equity.

Closing is expected by early in the fourth quarter, subject to customary conditions, including approval by Shutterfly stockholders and receipt of clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Shutterfly is a Redwood City, Calif.-based retailer and manufacturing platform for personalized products and communications.

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