January 30, 2018 / 9:34 PM / 22 days ago

Shutterfly to buy photography company Lifetouch for $825 million

(Reuters) - Online retailer Shutterfly Inc said on Tuesday it would buy privately-held Lifetouch for $825 million in cash, gaining access to the company’s school photography customers.

Shares of Shutterfly surged 14.7 percent to $61.82 in trading after the bell.

Lifetouch photographs more than 25 million children annually during the fall picture day tradition, serving more than 10 million households. It had revenue of about $963.9 million for the fiscal year ended June 30, 2017.

Shutterfly also reported fourth-quarter profit and sales above analysts’ estimates.

Morgan Stanley & Co. LLC is the financial adviser to Shutterfly, while BMO Capital Markets advised Lifetouch’s board.

Reporting by Munsif Vengattil and Vibhuti Sharma in Bengaluru; Editing by Anil D'Silva

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