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Bally Total Fitness Holding Corporation announced that it has entered into a definitive asset purchase agreement with Fitness International, LLC, an affiliate of LA Fitness International, LLC, pursuant to which Bally and certain of its subsidiaries will sell 171 fitness clubs for approximately $153 million, subject to certain adjustments.
The transaction is subject to various closing conditions. The parties filed premerger notifications with the U.S. Federal Trade Commission and Department of Justice for the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the waiting period has expired. While Bally expects that the transaction will be completed by Nov. 30, 2011, there can be no assurance as to when, or whether, the transaction will be completed.
Following completion of the transaction, Bally will continue to operate its remaining clubs.