NEW YORK (AP) — Gym chain Life Time Fitness Inc. said is selling itself to two private equity firms for more than $2.8 billion.
The companies value the deal at more than $4 billion, when debt is included.
Leonard Green & Partners and TPG will pay $72.10 for each share of Life Time Fitness, an 8 percent premium from its close of $66.73 on Friday. The deal is expected to close in the third quarter.
Life Time Fitness operates 114 large gyms across the U.S. and in Canada that offer fitness classes, spa services and personal training. It also sells a line of nutritional products and publishes a magazine, Experience Life. The company is based in Chanhassen, Minnesota.
Shares of Life Time Fitness rose nearly 5 percent about 45 minutes before the stock market open Monday.