Shutterfly Inc. is in talks to go public through a merger with a blank-check company, according to people familiar with the matter, less than two years after Apollo Global Management Inc. took the online-photo-book maker private.

The company is discussing a deal with a special-purpose acquisition company called Altimar Acquisition Corp. II that would value it at between $4 billion and $5 billion including debt, the people said. Details of the potential transaction couldn’t be learned.

Any deal could be weeks away, some of the people said, and there is no guarantee the parties will reach an agreement. If they do, it would add Shutterfly to the long list of companies taking part in a recent explosion of deals involving SPACs, which raise money in a public offering with plans to later find one or more companies to merge with.

The Altimar vehicle went public in February, raising $345 million to put toward a deal, which as is typical would likely include additional funds raised privately. A previous vehicle, Altimar Acquisition Corp., agreed last year to combine two investment firms and take them public in a $12.5 billion deal that at the time was one of the largest blank-check transactions.

Founded in 1999, Shutterfly’s namesake brand helps consumers print their photos onto personalized books and gift items. The company owns Lifetouch, which does school photography and operates portrait studios and also has a digital-printing arm for businesses. It first went public in 2006. Apollo bought the company in 2019 for around $2.6 billion including debt and then combined it with Snapfish LLC to create a bigger player in online-photo services.

Source: The Wall Street journal – Shutterfly in Talks to Go Public Through SPAC Merger

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