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Redbox owners to be sole to Apollo Global Management for $1.6 billion

Investment firm Apollo Global Management is set to acquire a Washington-based Outerwall, owners of struggling DVD-rental kiosk sequence Redbox, for $1.6 billion.

Apollo, that is headquartered in New York, will acquire Outerwall’s superb shares of common batch for $52 per share. The all-cash deal, that was announced Monday, includes net debt and is approaching to tighten in a third entertain of 2016. Outerwall will turn a secretly hold association following a sale, and a common shares will be delisted from open markets.

The transaction was unanimously authorized by Outerwall’s house of directors. Outerwall also owns Coinstar, a sequence of kiosks that modify lax change into paper currency. Apollo partner David Sambur voiced confidence about a merger in a matter expelled Monday.

Outerwall’s expansion has been tiny in a arise of Redbox’s ongoing financial difficulties.

The programmed kiosks, that offer Blu-ray, DVD and video diversion rentals, have struggled to contest with a rising recognition of digital streaming services such as Netflix. Redbox is one of a final vital retailers that offer earthy film and video diversion rentals.

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