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Under Armour, Inc. announced on October 30, 2020 that it has entered into a definitive agreement to sell the MyFitnessPal platform to Francisco Partners. The transaction value is $345 million and is expected to close in the fourth quarter of 2020. PJ SOLOMON has served as exclusive financial advisor to Under Armour on the transaction. King & Spalding LLP is acting as legal advisor. Paul Hastings LLP and Kirkland & Ellis LLP are acting as legal advisors to Francisco Partners.
“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,” says Under Armour President and CEO Patrik Frisk. “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. Additionally, it affords us investment flexibility to drive greater return and value to our shareholders over the long-run.”
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