Under Armour To Buy MapMyFitness For $150 Mln

(RTTNews) - Under Armour, Inc. (UA) said Thursday that it will buy fitness technology company MapMyFitness for $150 million.

MapMyFitness has one of the largest connected fitness communities in the world and offers a diverse suite of websites and mobile applications under its flagship brands, MapMyRun and MapMyRide. Utilizing GPS and other advanced technologies, MapMyFitness provides users with the ability to map, record and share their workouts.

MapMyFitness will continue to operate out of its headquarters in Austin, Texas as a subsidiary of Under Armour.

Under Armour plans to initially finance the acquisition of MapMyFitness with borrowings under its existing revolving credit facility, cash on hand or a combination thereof, while it evaluates longer-term funding options for the deal. The deal is expected to close by the end of this year and the company's previously provided 2013 guidance and preliminary 2014 outlook remain unchanged.