FORT WORTH—Fort Worth-based TPG, along with Los Angeles-based Leonard Green & Partners, have acquired Life Time Fitness Inc. in a transaction valued at more than $4 billion. Other key investors include LNK Partners and Life Time chairman, president and CEO Bahram Akradi, who will remain in his role and has committed to make a rollover investment of $125 million in Life Time common stock.

Life Time's board of directors unanimously approved the merger agreement and has recommended that the company's shareholders vote in favor of the transaction.

Under the terms of the merger agreement the investors will acquire all of the outstanding shares of Life Time Fitness common stock for $72.10 per share in cash. This price represents a significant premium to Life Time's closing share price of $41.60 on August 22, 2014, the most recent trading day before the company announced that its board of directors and senior management team had initiated a process to explore a potential conversion of real estate assets into a REIT.