Apollo Global Management’s Acquisition Of Shutterfly And Snapfish

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.

Financing was provided by Barclays, Citi and SunTrust Robinson Humphrey, Inc. (or a lending affiliate), who were also serving as financial advisors to the Apollo Funds. LionTree served as lead financial advisor to the Apollo Funds. Evercore acted as financial advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds.

Morgan Stanley & Co. LLC acted as financial advisor to Shutterfly, and Fenwick & West LLP acted as its legal counsel.

UBS Investment Bank acted as financial advisor to both the Apollo Funds, in connection with the Shutterfly transaction, and District Photo, Inc., in connection with the Snapfish transaction. Arent Fox LLP acted as legal counsel to Snapfish.

The Paul, Weiss team advising on both transactions included M&A partners Taurie Zeitzer (Picture) 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.

The Fenwick team included corporate lawyers Gordon K. Davidson, David K. Michaels, Victoria Lupu, Ryan Mitteness, Katherine Duncan, David Frydman, Chelsea Anderson, Ammanuel Gebeyehu, Shweta Kumar, and Carson Jackson; executive compensation and employee benefits lawyers Shawn Lampron, Marshall Mort, Hans Andersson and Corinne Nhaissi; technology transactions lawyers Jonathan Millard, Christopher Joslyn, Julia Arruda, Lise Berichel, Floris de Wit, Shizuka Tiernan, Emily Bullis, Ed Heffernan, Amy Brown, Gina Damiano, and Shitel Chanan; and tax lawyers William Skinner and Ora Grinberg.??

Involved fees earner: Chelsea Anderson – Fenwick & West LLP; Hans Andersson – Fenwick & West LLP; Julia Arruda – Fenwick & West LLP; Lise Berichel – Fenwick & West LLP; Amy Brown – Fenwick & West LLP; Emily Bullis – Fenwick & West LLP; Shitel Chanana – Fenwick & West LLP; Gina Damiano – Fenwick & West LLP; Gordon Davidson – Fenwick & West LLP; Floris de Wit – Fenwick & West LLP; Katherine Duncan – Fenwick & West LLP; David Frydman – Fenwick & West LLP; Ammanuel Gebeyehu – Fenwick & West LLP; Ora Grinberg – Fenwick & West LLP; Ed Heffernan – Fenwick & West LLP; Carson Jackson – Fenwick & West LLP; Christopher Joslyn – Fenwick & West LLP; Shweta Kumar – Fenwick & West LLP; Shawn Lampron – Fenwick & West LLP; Victoria Lupu – Fenwick & West LLP; David Michaels – Fenwick & West LLP; Jonathan Millard – Fenwick & West LLP; Ryan Mitteness – Fenwick & West LLP; Marshall Mort – Fenwick & West LLP; William Skinner – Fenwick & West LLP; Shizuka Tiernan – Fenwick & West LLP; Mitchell Berg – Paul Weiss Rifkind Wharton & Garrison; Jason Ertel – Paul Weiss Rifkind Wharton & Garrison; Gregory Ezring – Paul Weiss Rifkind Wharton & Garrison; Andrew Gaines – Paul Weiss Rifkind Wharton & Garrison; Matthew Goldstein – Paul Weiss Rifkind Wharton & Garrison; Chuck Googe – Paul Weiss Rifkind Wharton & Garrison; Brian Grieve – Paul Weiss Rifkind Wharton & Garrison; Jarrett Hoffman – Paul Weiss Rifkind Wharton & Garrison; Jonathan Hurwitz – Paul Weiss Rifkind Wharton & Garrison; Brian Janson – Paul Weiss Rifkind Wharton & Garrison; Jonathan Kanter – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Gregory Laufer – Paul Weiss Rifkind Wharton & Garrison; Daniel Layfield – Paul Weiss Rifkind Wharton & Garrison; Corinne Musa – Paul Weiss Rifkind Wharton & Garrison; Brad Okun – Paul Weiss Rifkind Wharton & Garrison; Justin Rosenberg – Paul Weiss Rifkind Wharton & Garrison; Yuni Sobel – Paul Weiss Rifkind Wharton & Garrison; Gabriella Toossi – Paul Weiss Rifkind Wharton & Garrison; Mark Wlazlo – Paul Weiss Rifkind Wharton & Garrison; Taurie Zeitzer – Paul Weiss Rifkind Wharton & Garrison; Corinne Nhaissi – Weil, Gotshal & Manges;

Law Firms: Fenwick & West LLP; Paul Weiss Rifkind Wharton & Garrison; Weil, Gotshal & Manges;

Clients: Apollo Global Management; Shutterfly Inc.;