Shutterfly to Acquire Tiny Prints
GDA Staff -- Gifts and Dec, 3/24/2011 2:54:20 PM
San Francisco, CA - Web-based photo-sharing company Shutterfly Inc., Redwood City, CA, has agreed to buy online stationery retailer Tiny Prints Inc., according to Bloomberg.com. In the deal valued at approximately $369 million, Tiny Prints will receive $141 million in cash and about 3.9 million shares of Shutterfly, with another 1.4 million shares being reserved for potential equity awards to Tiny Prints employees.
Through this acquisition, Shutterfly gains a popular online service for making custom birth announcements and party invitations, which will help it shore up its e-commerce offerings against growing competition.
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