24 Hour Fitness Worldwide has agreed to be acquired by Forstmann Little & Co., a private investment firm in New York, for $1.6 billion.
24 Hour Fitness had revenues of more than $1.1 billion , more than 3 million members and 330 clubs in 16 U.S. states, as well as 15 clubs in Asia.
The deal is expected to close in June.
The fitness center company was founded in 1983 by Marck S. Mastrov, who will retain a “significant” stake in the business, the company said.
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