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PE Firms Taking Life Time Fitness Private In $2.8B Buyout

Law360, New York (March 16, 2015, 1:07 PM EDT) -- Private equity firms Leonard Green & Partners and TPG announced Monday plans to acquire Life Time Fitness Inc. for more than $2.8 billion and take the gym chain private, bringing to an end months of speculation about the company’s future.

The deal offers Life Time shareholders $72.10 per share cash — locking in a stock price that has soared while the company was the subject of takeover talk — and amounts to more than $4 billion when including debt. Closing is expected in the third quarter, pending approval of Life Time shareholders and other conditions.

Other investors backing the deal include...

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