Redbox Parent Company Sold to Private Equity Firm for $1.6B

Redbox Parent Company Sold to Private Equity Firm for $1.6B

Outerwall, the Bellevue-based operator of Redbox movie rental kiosks and Coinstar coin counting machines, today announced that it has entered into a deal to be acquired by Apollo Global Management for $52 per share in cash.

The Wall Street Journal placed the cash value of the deal at $895 million, while companies pegged the enterprise value at $1.6 billion, including the assumption of debt.

The planned acquisition represents a 51 percent premium over Outerwall’s closing stock price of March 14th, 2016 when the company started seeking an acquisition. At that time, the company announced that it was exploring “strategic and financial alternatives to maximize shareholder value.”

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