Brazil Gym Chain Smart Fit Confirms Talks for Stake in Velocity

<-rte-company state="{"_id":"00000190-47fe-d497-a7fb-efff4d810000","_type":"00000160-4b23-d8bd-adfd-4b3348fd0000"}">Smartfit Escola de Ginástica e Dança SA, one of the largest fitness chains in Latin America, said it’s in talks to acquire shares in closely held <-bsp-bb-link state="{"bbHref":"bbg://securities/2455236D%20BZ%20Equity","_id":"00000190-47fe-d497-a7fb-efff4d820000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Velocity Academia de Ginástica.

The potential transaction is subject to further contractual negotiations, Smart Fit said in a <-bsp-bb-link state="{"bbDocId":"SFK4C4BMZA4G","_id":"00000190-47fe-d497-a7fb-efff4d820001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">statement late Sunday. No monetary value was confirmed.

The Sao Paulo-based company said it issued the statement to provide clarification after a June 21 Brazil Journal report discussed its intention to buy Velocity. In addition, Smart Fit wanted to respond to a June 21 letter issued by the Brazilian stock exchange B3 that refers ...