Under Armour, Inc. (NYSE: UA, UAA), a global leader in branded athletic performance apparel, footwear and accessories, is to sell the MyFitnessPal platform to Francisco Partners.
The transaction value is $345 million, inclusive of the achievement of potential earn-out payments and subject to working capital and other customary adjustments. The transaction, which is expected to close in the fourth quarter of 2020, is subject to customary closing conditions and regulatory approvals.
MyFitnessPal is currently reported within Under Armour’s Connected Fitness segment, which also contains the MapMyFitness and Endomondo platforms. In conjunction with this announcement, the company also announced that it would discontinue its Endomondo platform’s operations at the end of 2020. According to a press release, “the MapMyFitness platform, which includes MapMyRun and MapMyRide, remains a crucial element of Under Armour’s digital strategy, as does its connected footwear business.“