Life Time Fitness, ‘The Healthy Way of Life Company’, yesterday confirmed the completion of its acquisition by an investor group led by affiliates of Leonard Green & Partners and TPG. The execution of a definitive merger agreement outlining the terms of the transaction was initially announced on 16 March 2015.
Other key investors include LNK Partners and Life Time Chairman, President and Chief Executive Officer, Bahram Akradi.
Life Time’s shareholders approved the acquisition on Thursday 4 June 2015. As a result of the merger, which is valued at more than US$4 billion, each outstanding share of Life Time common stock, excluding the rollover investment in Life Time stock made by Akradi, was converted into the right to receive US$72.10 per share in cash.
Additionally, Life Time has become an indirect, wholly owned subsidiary of affiliates of Leonard Green & Partners and TPG, and the other investors.
Life Time common stock (NYSE: LTM) ceased trading on the New York Stock Exchange at the close of market yesterday.
As of 16 March 2015, Life Time Fitness operated 115 centres under the LIFE TIME FITNESS and LIFE TIME ATHLETIC brands in the United States and Canada. Within the triathlon space, Life Time has recently collaborated with IRONMAN with an exchange of ownership in selected triathlon events and the recently launched Women For Tri initiative.
