Outerwall Agrees To Be Bought Out By Apollo Global In a Deal Valued At $1.6 Billion

Outerwall Inc. announced Monday a deal to be acquired by funds managed by Apollo Global Management in a deal valued at $1.6 billion. Under terms of the deal, Apollo will pay $52 a share in cash for each Outerwall share outstanding, which represents an 11% premium to Friday's closing price of $46.91. The shopping kiosks company expects the deal to close during the third quarter of 2016. The stock was halted for news. It has run up 36% through Friday since March 14, just before the company said it was exploring strategic alternatives. The S&P 500 had gained 7.7% over the same time. Apollo's stock has lost 2.5% since March 14.