(WTAJ) — According to the Pittsburgh Post-Gazette, Swedish private equity firm, EQT, is leading the way in a takeover bid for Parques Reunidos, the theme park operator that owns Kennywood Park.

Representatives from EQT announced Friday that it had launched a takeover bid at $15.59 per share, including a 29 percent premium. The total offer worth would be about $702.7 million.

Parques Reunidos currently operates 61 amusement parks in 14 different countries.