Home » Equinox fitness clubs is in talks to go public via Chamath Palihapitiya-backed SPAC, sources say

Equinox fitness clubs is in talks to go public via Chamath Palihapitiya-backed SPAC, sources say

by MD Samsuzzaman Siyam

A person wears a protective face mask outside Equinox Sports Club and gym on the Upper West Side as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on August 16, 2020 in New York City.

Noam Galai | Getty Images

Equinox is in talks to go public via a SPAC headed by Chamath Palihapitiya, sources familiar with the matter told CNBC’s David Faber.

The deal is targeting a valuation of 22 times estimated EBITDA of $320 million, according to the sources, with the PIPE investment potentially reaching $2 billion.

Palihapitiya’s Social Capital VI is the special purpose acquisition company, or SPAC, that would take the high-end fitness chain public through a reverse merger.

The high-end fitness club, which also owns SoulCycle, has been hit hard by the pandemic.

Become a smarter investor with CNBC Pro
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. 
Sign up to start a free trial today

Source by [author_name]

You may also like

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy Policy