Under Armour Completes Sale Of The MyFitnessPal Platform To Francisco Partners
Under Armour completed the sale of its MyFitnessPal platform to Francisco Partners for $345 million, finalizing an agreement first announced on October 30, 2020.
Sentiment and the balance of points
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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.
Details
News Market Reaction – UA
The recorded move for UA in the trading session of this news was -0.85%.
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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
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.
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