Life Time Fitness Announces Early Termination of HSR Waiting Period for Proposed Acquisition by Affiliates of Leonard Green & Partners and TPG
Posted: April 14, 2015 in Chains
Life Time – The Healthy Way Of Life Company
CHANHASSEN, MN – Life Time Fitness, Inc. (NYSE: LTM), The Healthy Way of Life Company, announced that it has received early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to its proposed acquisition by affiliates of Leonard Green & Partners and TPG.
As previously announced on March 16, 2015, the Company has entered into a definitive merger agreement under which affiliates of Leonard Green & Partners and TPG will acquire Life Time in a transaction valued at more than $4.0 billion. Other key investors include LNK Partners and Life Time Chairman, President and Chief Executive Officer, Bahram Akradi, who will remain in his role and has committed to make a rollover investment of $125 million in Life Time common stock.
Under the terms of the merger agreement the investors will acquire 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. Guggenheim Securities and Wells Fargo Securities are serving as the Company’s financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP and Faegre Baker Daniels LLP are serving as its legal advisors. Latham & Watkins LLP is serving as legal advisor to Leonard Green & Partners and Ropes & Gray LLP is serving as legal advisor to TPG. Fully committed debt financing is expected to be provided by affiliates of Deutsche Bank Securities Inc., Goldman, Sachs & Co., Jefferies, BMO Capital Markets, RBC Capital Markets, Macquarie Capital and Nomura, which also are serving as financial advisors to Leonard Green & Partners and TPG. Affiliates of Mizuho Bank LTD and U.S. Bank National Association also are financing sources. Kirkland & Ellis LLP served as legal advisor to LNK Partners. Dorsey & Whitney LLP is serving as legal advisor to Mr. Akradi.
