Under Armour Inc purchased fitness tech firm MapMyFitness Inc for USD150 million. This was according to a report published by The Middle Market.
MapMyFitness is a company based in Texas that operates under the brands MapMyRide and MapMyRun. The firm uses technology that allows its users to map, document, and share their workout sessions using websites and mobile apps, the report said.
Under Armour is a sportswear company based in Baltimore. The firm develops accessories, footwear, and other sports apparel, said the report.
The recent acquisition of the sports company would give the company a better opportunity in the digital sports products market. Under the terms of the new deal, MapMyFitness will become a subsidiary of Under Armour. The deal will be financed with a combination of cash and borrowings from its revolving credit facility, the report explained.
Under Armour was advised by Peter J. Solomon Co on the aquisition deal. The company's legal counsel was King & Spadling LLP. MapMyFitness was advised by Allen & Co. Its legal counsel was Wilson Sonsini Goodrich Rosati PC, The Middle Market reported.
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