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Private equity giant to buy out Redwood City's Shutterfly for $2.7B

Marlize van Romburgh
Private equity giant to buy out Redwood City's Shutterfly for $2.7B

Private equity giant Apollo Global Management is buying Redwood City-based digital imaging company Shutterfly Inc. for $2.7 billion in cash and taking it private. The company also announced a new CEO and president, Ryan O’Hara, who most recently served as CEO of Realtor.com owner Move Inc. Apollo is offering $51 per share for Shutterfly, a 1.5 percent premium over the company's closing price on Monday, but up 31 percent compared to late April, when media reports first started to surface that Shutterfly could change hands to a buyer like Apollo. O'Hara will assume the chief executive role on June 24.