Apollo Global Management is taking a dive into the world of indoor water parks.
The investment manager is buying Great Wolf Resorts (WOLF) for about $167.1 million, or roughly $5 a share, which is a 19% premium over the Madison, Wis.-based company�s closing stock price yesterday.
The news sent Great Wolf�s share price soaring 23% to $5.12 a share in morning market action.
Apollo valued the deal at $703 million including the assumption of debt. The offer was unanimously approved by Great Wolf’s board, which is advising the company’s shareholders to tender their shares.
Great Wolf operates 11 properties across the country.
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