Shutterfly To Buy Card Site In $333M Deal, Raises 1Q Sales View
Shutterfly Inc. said it would buy a privately held operator of two online cards and stationery websites in a deal it valued at $333 million, while it also raised its revenue guidance for the current quarter.
Shares in the Internet photo-publishing company were down 1.2 percent at $42.52 after hours. Through the close, the stock has increased 87 percent in the past year.
Shutterfly said it has agreed to acquire Tiny Prints Inc., operator of tinyprints.com and weddingpaperdivas.com, for $141 million in cash and about 3.9 million shares of stock. In addition, Shutterfly said it would reserve about 1.4 million shares of common stock as consideration for employee equity awards it would assume.
