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Blackstone to buy majority stake in Great Wolf, form $2.9B JV with Centerbridge

Blackstone Group Inc. affiliate Blackstone Real Estate Partners IX agreed to acquire a 65% controlling stake in Great Wolf Resorts Inc. from affiliates of private equity firm Centerbridge Partners LP.

Blackstone and Centerbridge will form a new $2.9 billion joint venture to own the family-oriented entertainment resorts owner and operator.

Centerbridge, which acquired Great Wolf in March 2015 from Apollo Global Management Inc., was reported to be weighing strategic alternatives for the company in April, including a $3 billion sale. Blackstone was reported to be nearing an acquisition of the indoor water park operator in September.

Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are serving as financial advisers to Great Wolf, with Simpson Thacher & Bartlett LLP serving as its legal counsel.

Fried Frank Harris Shriver & Jacobson LLC is serving as legal counsel to Blackstone.