Shutterfly in talks to go public by means of SPAC merger
Shutterfly Inc. is in talks to go public with a merger with a clean verify firm, in line with folks aware of the matter, lower than two years after Apollo International Administration Inc. took over the non-public on-line picture guide maker.
The corporate is discussing a cope with a particular objective acquisition firm referred to as Altimar Acquisition Corp. II, which is alleged to be valued at between $ 4 billion and $ 5 billion, together with debt, the sources stated. Particulars of the potential transaction couldn’t be realized.
Any deal may very well be weeks away, some folks stated, and there’s no assure that the events will come to an settlement. In the event that they do, it will add Shutterfly to the lengthy record of corporations taking part in a current explosion of offers involving PSPCs, that are elevating funds in a public providing with plans to later discover a number of corporations. to merge with.
The Altimar automobile went public in February, elevating $ 345 million to put money into a deal, which, as typical, would doubtless embrace extra funds raised privately. A former automobile, Altimar Acquisition Corp., agreed final yr to mix two funding corporations and make them public in a $ 12.5 billion deal that on the time was one of many largest clean verify transactions.
Based in 1999, Shutterfly’s eponymous model helps customers print their images on personalised books and items. The corporate owns Lifetouch, which does faculty images and operates portrait studios and in addition has a digital printing arm for companies. It first went public in 2006. Apollo purchased the corporate in 2019 for round $ 2.6 billion, together with debt, then mixed it with Snapfish LLC to create a bigger participant in picture providers by line.