Life Time Fitness Announces Completion of Acquisition by Affiliates of Leonard Green & Partners and TPG
Posted: June 10, 2015 in Chains
Life Time – The Healthy Way Of Life Company
CHANHASSEN, MN – Life Time Fitness, Inc., The Healthy Way of Life Company, announced 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 March 16, 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, June 4, 2015. As a result of the merger, which is valued at more than $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 $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 on June 10.
