NEW YORK CITY-Locally based Apollo Global Management and Great Wolf Resorts said Tuesday that they’ve agreed on a deal for Apollo to acquire the indoor waterpark resort owner for $703 million. The cash-tender deal includes the assumption of Great Wolf’s outstanding debt.

According to a release, the private equity firm's deal for all outstanding shares of Great Wolf’s common stock at $5 per share represents a premium of 72.9% over the six-month average of Great Wolf’s share price ending on March 12. Kim Schaefer, CEO of Great Wolf, says in a statement that Apollo’s offer represents “the best way to maximize value for shareholders, who will receive a substantial and immediate cash premium for their shares.”

Based in Madison, WI, Great Wolf owns and operates resorts in Wisconsin Dells, WI; Sandusky and Mason, OH; Traverse City, MI; Kansas City, KS; Williamsburg, VA; the Pocono Mountains in Pennsylvania; Niagara Falls, Ontario, Canada; Grapevine, TX; Grand Mound, WA; and Concord, NC. The properties range in size from 250 to 600 rooms, according to the company’s website.