HP Announces Divestiture of Snapfish
PALO ALTO, Calif., April 21, 2015 — HP today announced a definitive agreement to divest Snapfish, its global photo storage and merchandising business. District Photo, a leader in digital imaging fulfillment services, 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.
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.
This media advisory contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the expected benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance, market share or competitive performance relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; risks related to the timing or ultimate completion of the transaction; and other risks that are described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2015 and HP's other filings with the Securities and Exchange Commission. HP assumes no obligation and does not intend to update these forward-looking statements.
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