The FINANCIAL -- HP on April 21 announced a definitive agreement to divest Snapfish, its global photo storage and merchandising business. District Photo will acquire the Snapfish business, including technology assets and employees. The divestiture is consistent with HP’s strategy to focus the organization following HP’s previously announced separation.
As part of District Photo, Snapfish will be well positioned to continue to grow its global online photo service, partnering with leading retailers and helping customers around the world easily store, share and print their photos online. District Photo expects to provide Snapfish customers with the same level of service and support as they receive from HP.
After the transaction closes, HP will maintain a partnership with Snapfish. Snapfish will continue to use HP printing solutions, and HP will provide the HP Connected Photo application developed by Snapfish on HP consumer PCs, including the Sprout computing platform, according to HP.
Subject to regulatory approvals and other customary closing conditions, HP expects the transaction to close in the second half of its fiscal year 2015. Financial terms of the deal were not disclosed.