Kirkland & Ellis represented LNK Partners, which today announced it signed a definitive agreement to acquire Lifetime Fitness alongside lead investors Leonard Green & Partners and TPG Capital. The transaction is valued at more than $4.0 billion.
Under the terms of the merger agreement the investors will acquire all of the outstanding shares of Life Time Fitness common stock for $72.10 per share in cash. This price represents a significant premium to Life Time’s closing share price of $41.60 on August 22, 2014, the most recent trading day before the Company announced that its board of directors and senior management team had initiated a process to explore a potential conversion of real estate assets into a Real Estate Investment Trust (REIT).
The Kirkland team was led by corporate partners Chris Torrente and William Sorabella.