Under Armour Completes Sale Of The MyFitnessPal Platform To Francisco Partners

Rhea-AI Summary

Under Armour completed the sale of its MyFitnessPal platform to Francisco Partners for $345 million, finalizing an agreement first announced on October 30, 2020. The transaction includes potential earn-out payments and was financed through MidCap Financial. This strategic move reflects Under Armour's focus on enhancing its core business in branded athletic performance apparel, footwear, and accessories. The company aims to empower human performance through innovative products.

Positive

• Sale of MyFitnessPal generates $345 million for Under Armour.
• Transaction enables focus on core athletic performance business.

Negative

• None.

News Market Reaction – UA

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BALTIMORE, Dec. 18, 2020 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA), a global leader in branded athletic performance apparel, footwear and accessories, today announced that it has completed the sale of the MyFitnessPal platform to Francisco Partners.

This announcement follows the October 30, 2020 news release in which Under Armour detailed that it had entered into a definitive agreement with Francisco Partners regarding the sale of this business for a transaction value of $345 million, inclusive of the achievement of potential earn-out payments. Debt financing for the transaction was provided by MidCap Financial.

About Under Armour, Inc.

Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer and distributor of branded athletic performance apparel, footwear and accessories. Designed to empower human performance, Under Armour's innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com.

 

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SOURCE Under Armour, Inc.

FAQ

What is the value of the MyFitnessPal sale by Under Armour?

The sale of MyFitnessPal was valued at $345 million, including potential earn-out payments.

When did Under Armour announce the sale of MyFitnessPal?

Under Armour announced the sale of MyFitnessPal on October 30, 2020.

Who provided debt financing for Under Armour's MyFitnessPal sale?

Debt financing for the MyFitnessPal sale was provided by MidCap Financial.

What is the strategic focus of Under Armour after selling MyFitnessPal?

After the sale, Under Armour is focusing on enhancing its core business in branded athletic performance apparel, footwear, and accessories.