PJ SOLOMON has served as exclusive financial advisor to Under Armour on the transaction. The transaction, which is expected to close in the fourth quarter of 2020, is subject to customary closing conditions and regulatory approvals. The transaction value is $345 million, inclusive of the achievement of potential earn-out payments and subject to working capital and other customary adjustments. 'MyFitnessPal supports over 200 million users in their ongoing health and fitness journeys and we are excited to partner with the business for its next stage as a standalone company to continue a strong history of recurring revenue growth, organic user acquisition and a unique consumer proposition,' said Christine Wang, Principal at Francisco Partners. Additionally, it affords us investment flexibility to drive greater return and value to our shareholders over the long-run.' 'This announcement reduces the complexity of our consumer's brand journey by empowering sharper alignment with our long-term digital strategy as we work towards a singular, cohesive UA ecosystem. 'As part of our ongoing transformation, we are committed to actively managing our business to ensure that our strategies and assets are prioritized to connect even more deeply with our target consumer - the Focused Performer,' said Under Armour President and CEO Patrik Frisk.
(NYSE: UA, UAA), a global leader in branded athletic performance apparel, footwear and accessories, today announced that it has entered into a definitive agreement to sell the MyFitnessPal platform to Francisco Partners.
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