Shutterfly (SFLY, $50.25) to be acquired by private equity firm Apollo Global Management (APO, $32.84), at a value of $2.7 billion

Digital image publishing company Shutterfly has agreed to get acquired by private equity firm Apollo Global Management.

In a deal valuing Shutterfly at $2.7 billion, Apollo will use cash to buy all outstanding shares at $51 per share – which represents a 1.5% premium to Shutterfly’s closing price on Monday.

Last month, Shutterfly reported a loss of $2.44 a share on revenue of $324.7 million for the first quarter, thereby surpassing analysts’ expectations. The company predicted that its earnings would range between 61 cents and $1.11 a share for the full year, compared to analysts’ projection of 71 cents a share on revenue of $2.17 billion for year.