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US-chain Life Time Fitness sold in US$4bn deal

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US gym chain Life Time Fitness is set to become a private company in a deal valued at more than US$4bn (€3.8bn, £2.7bn).

The company announced on Monday (16 March) that it will be sold to private equity firms Leonard Green & Partners and TPG, with the transaction expected to be concluded in Q3 2015. The private equity firms will pay $72.10 (€67.97, £48.83) for each share of Life Time Fitness, a 7.3 per cent premium from its close of $67.20 (€63.35, £45.51) on Friday (13 March).

Following news of the deal, Life Time Fitness shares rose $3.48 (€3.28, £2.36), or 5.2 per cent, to close yesterday at $70.68 (€66.63, £47.87). The merger is subject to approval from Life Time’s shareholders and other customary closing conditions.

“Following a comprehensive review by Life Time’s board of directors of strategic alternatives to enhance shareholder value, we are pleased to have reached this agreement, which provides our shareholders with immediate and substantial cash value representing a significant premium to our unaffected share price,” said CEO Bahram Akradi, who is to remain in his role following the deal.

“There are no words to describe my gratitude for the confidence and significant commitment Leonard Green & Partners, TPG and LNK Partners have made to Life Time and our management team.”

Currently operating 114 gyms across the US and Canada, Life Time Fitness offers fitness classes, spa amenities, personal training and other services in its sites. The Chanhassen, Minnesota-based business also sells a line of nutritional products, publishes Experience Life magazine and runs a unit that holds running, cycling and triathlon events.

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US gym chain Life Time Fitness is set to become a private company in a deal valued at more than US$4bn (€3.8bn, £2.7bn).
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