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Deal Detail

Shutterfly, Inc. to Apollo Global Management, LLC

Internet/Ecom/Jun 2019
EV / LTM EBITDA
8.0x
EV / LTM Sales
1.3x
Enterprise Value
$2.7B
Primary Source
Regulatory Filing

Comparable Transactions

Internet/Ecom transactions announced in the five years to June 2019. 13 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Aug 2018Web.com Group, Inc.Siris Capital Group, LLC$2.1B-11.0xFinancial
Feb 2018American Greetings CorporationClayton, Dubilier & Rice, Inc.$1.1B-5.0xFinancial
Aug 2017Student BrandsBarnes & Noble Education--5.9xStrategic
Jul 2017Bankrate, Inc.Red Ventures$1.4B-11.4xStrategic
Jul 2017WebMD Health Corp.Internet Brands$2.9B-12.6xStrategic
May 2017Angie’s List, Inc.InterActiveCorp$533M-19.3xStrategic
Apr 2017RetailMeNot, Inc.Harland Clarke Holdings Corp.$456M-7.4xStrategic
Feb 2017Yahoo! Inc., Operating BusinessVerizon Communications Inc.$4.5B-5.1xStrategic
Nov 2016Blue Nile, Inc.Bain Capital Private Equity$449M-19.2xFinancial
Oct 2016Everyday Health, Inc.Ziff Davis, LLC$518M-12.1xStrategic
Nov 2015Constant Contact, Inc.Endurance International Group Holdings, Inc.$937M-13.8xStrategic
May 2015AOL Inc.Verizon Communications Inc.$4.2B-8.4xStrategic
Feb 2015Orbitz Worldwide, Inc.Expedia, Inc.$1.6B-10.2xStrategic
Mean-10.9x
Median-11.0x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
PrimaryRegulatory FilingShutterfly DEFA14A / 10-Q-2019$2.7B1.3x8.0x7.7xEV includes finance leases; net debt at 3/31/19. LTM Adj. EBITDA and non-GAAP sales to Q1 2019; fwd = 2019E Management Case.Open