Bellevue-based Outerwall, parent company of Redbox and Coinstar, announced today that it has entered into a merger agreement with funds associated with Apollo Global Management for $52 cash per share.

The $1.6 billion cash deal is a premium of 51 percent over the stock’s closing price on March 14, and an 11 percent increase over Friday’s close. Today, stock price was up more than 5 points, reaching $52.19 at market close.

“Outerwall’s Board of Directors has undertaken a comprehensive review of a wide range of strategic and financial alternatives to maximize value for all Outerwall shareholders. We are pleased to reach this agreement, which follows a robust process and provides an immediate and substantial cash premium to our shareholders,” Outerwall CEO Erik Prusch said in a statement. “Apollo is an ideal partner to support Outerwall’s efforts to continue serving our millions of loyal customers and dedicated retail partners through our unrivaled network of kiosks and automated retail offerings.  We look forward to working closely with Apollo as we continue to strengthen our businesses and execute on our strategic plan.”

The company will report it’s second-quarter earnings next week, but will not hold an investor relations call. A dividend of $0.60 per share of common stock will be paid to stockholders on record at the close of business on Aug. 23.