Leejam acquires Al-Tatheer Sports for SAR 12 mln

Logo of Leejam Sports Co.

Leejam Sports Co. (Fitness Time), the operator of Fitness Time brands chain, announced that its investment subsidiary completed the acquisition of 100% of Al-Tatheer Sports Co. for SAR 12 million, according to a Tadawul statement.

The subsidiary completed the transfer of Al-Tatheer Sports shares on June 14, 2023. The relevant terms were also met, including obtaining the General Authority for Competition's (GAC) non-objection. In addition, the two parties implemented the procedures and requirements that were agreed upon.

The transaction was funded entirely from the operating cash flows of Leejam Sports, the statement said, adding that the relevant impact will reflect in Q3 2023 financial results.

Al-Tatheer Sports specializes in sports and fitness consultation, operation of fitness clubs and concept studios, as well as personal training. The company also supplies sports and fitness equipment for government and private entities.

The company owns a chain of 10 centers (four for men, five for women, and one for children).

The acquisition comes in line with the company's strategy to expand business base through foraying into new segments, enhancing its services and reaching new customers in line.

With this acquisition, Leejam Sports launches its new business segment, Concept Studios, which includes specialized fitness studios. The total number of its centers and studios chains operating inside and outside Saudi Arabia reached 173.

Further developments about new openings will be announced in the coming period, the statement said.

For More Mergers and Acquisitions