To help fight off the ingress of Apple’s new Fitness+ service into the interactive fitness market, Peloton has this week announced the acquisition of Precor for $420 million. Precor is one of the largest global commercial fitness equipment providers with a significant U.S. manufacturing presence. Earlier this month Apple launched their new highly anticipated Apple Fitness+ service, enabling those with Apple products to benefit from tailored workouts across a wide variety of different classes from yoga to rowing.
“With the acquisition, Peloton plans to establish U.S. manufacturing capacity, boost research and development capabilities with Precor’s highly-skilled team, and accelerate Peloton’s penetration of the commercial market. Peloton plans to produce connected fitness products in the U.S. before the end of the calendar year 2021. Subject to the completion of the transaction, Precor will operate as a business unit within Peloton. Precor President Rob Barker will become CEO, Precor and General Manager, Peloton Commercial, reporting to William Lynch, Peloton’s President. Precor is a division of Finnish sporting goods company Amer Sports, which is owned by an investor consortium including ANTA Sports (HKG:2020.HK), FountainVest Partners, Anamered Investments Inc. and Tencent Holdings Limited. The transaction is expected to close in early calendar year 2021.”
Read the official press release to learn more about the acquisition and the plans Peloton has for their new acquisition, by following the link below.
Source : PRNewswire
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn more.