CHANHASSEN, Minn. (BRAIN) — Life Time Fitness, Inc. has agreed to be purchased by the private equity firms Leonard Green & Partners and TPG in a deal valued at more than $4 billion. Other key investors include LNK Partners and Bahram Akradi, Life Time's chairman, president and CEO. Akradi will remain in his role and has committed to make a rollover investment of $125 million in Life Time common stock.
Life Time operates 114 health clubs; it also owns events including the Leadville 100 mountain bike and running race series and the Lifetime Tri Series. The company has been traded on the NYSE under the LTM symbol.
Under the terms of the merger agreement the investors will buy all of the outstanding shares of Life Time Fitness common stock for $72.10 per share in cash.
The merger is subject to approval from Life Time's shareholders and other customary closing conditions. The transaction is currently expected to close in the third quarter of 2015.
