Last December, Peloton announced their intention to acquire Precor for $420 million. Last week, we shared that the transaction appeared to be close to finalizing.
This afternoon, Peloton formally announced that the Precor acquisition has been completed.
The press release stated this about the acquisition:
With this acquisition, Peloton establishes its U.S. manufacturing capacity, anticipates boosting research and development capabilities with Precor’s highly-skilled team and accelerating Peloton’s penetration of the commercial market. Peloton plans to produce connected fitness products in the United States before the end of the calendar year 2021.
Precor’s President Rob Barker will get a new title of CEO, Precor and General Manager, Peloton Commercial. He will report to Peloton President William Lynch.
Rob shared this quote in the press release:
“The next few months are going to be some of the most exciting as Precor and Peloton work together to build for the future and empower more people to live the lives they desire,” said Barker. “With Peloton Commercial, we expect we’ll be able to not only continue our relationship with our current customers, but scale the Peloton experience that millions of people have at home to even more hotels, campuses, and multifamily residences.”
You can read the full press release from Peloton’s investor page here.
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