Shutterfly Inc. is in talks to go public through a merger with a blank-check company, according to people familiar with the matter, less than two years after Apollo Global Management Inc.

 took the online-photo-book maker private.

The company is discussing a deal with a special-purpose acquisition company called Altimar Acquisition Corp. II

that would value it at between $4 billion and $5 billion including debt, the people said. Details of the potential transaction couldn’t be learned.

Any deal could be weeks away, some of the people said, and there is no guarantee the parties will reach an agreement. If they do, it would add Shutterfly to the long list of companies taking part in a recent explosion of deals involving SPACs, which raise money in a public offering with plans to later find one or more companies to merge with.

The Altimar vehicle went public in February, raising $345 million to put toward a deal, which as is typical would likely include additional funds raised privately. A previous vehicle, Altimar Acquisition Corp., agreed last year to combine two investment firms and take them public in a $12.5 billion deal that at the time was one of the largest blank-check transactions.

An expanded version of this report appears on

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