CHICAGO, April 10, 2012 /PRNewswire/ -- Bally Total Fitness Holding Corporation announced today that it has entered into a definitive asset purchase agreement with Blast Fitness Acquisition, LLC, an affiliate of Blast Fitness Group, LLC, pursuant to which Bally and certain of its subsidiaries will sell 39 fitness clubs for consideration including the assumption of certain liabilities and cash. The clubs to be acquired by Blast are located in the following local markets: Boston, MA; Buffalo, NY; Charlotte, NC; Fresno, CA; Milwaukee, WI; Providence, RI; St. Louis, MO; Connecticut and Texas. Blast will honor all Bally memberships associated with these markets and transferred members will enjoy reciprocal membership privileges at the remaining fitness clubs owned by Bally in other markets.
The transaction is subject to various closing conditions. While Bally expects that the transaction will be completed by May 1, 2012, there can be no assurance as to when, or whether, the transaction will be completed. Following completion of the transaction, Bally will continue to operate its remaining fitness clubs.
J. P. Morgan Securities LLC acted as exclusive financial advisor to Bally and Wachtell Lipton provided legal advice.
SOURCE Bally Total Fitness