Life Time Fitness Gets Regulatory Approval For Acquisition By Leonard Green, TPG

(RTTNews) - Life Time Fitness, Inc. (LTM) 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.

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.

As per 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.