Under Armour Inc. announced that it has completed the sale of the MyFitnessPal platform to Francisco Partners.
This announcement follows the October 30 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.
In conjunction with the October announcement, the company announced that it would discontinue its Endomondo platform’s operations at the end of 2020. Under Armour also said the MapMyFitness platform, which includes MapMyRun and MapMyRide, remains a crucial element of Under Armour’s digital strategy, as does its connected footwear business.
Photo courtesy UA, MyFitnessPal
