New Delhi, The Competition Commission of India on Tuesday cleared a multi-layered restructuring transaction involving Curefit Healthcare, Cultfit Healthcare, Curefit Services, and Fitness First Luxembourg SCA, according to a release.
Curefit Healthcare is involved in the development of suitable IT-enabled technologies and intellectual property in the fitness and healthcare sector.
“The proposed combination includes the demerger of the business of servicing memberships under the CultPass Elite and CultPass Pro offerings of Cultfit and the business of CultPass Elite and CultPass Pro membership subscription of Curefit Services with and into Curefit Healthcare,” the regulator said in a release.
Cultfit and Curefit Services are subsidiaries of Curefit Healthcare. Cultfit is into the business of operating fitness centres while Curefit Services is engaged in the business of providing fitness subscription services in both online and offline channels.
The Competition Commission of India (CCI) also granted its nod for the merger of the residual business of Curefit Services with and into Cultfit (Cultfit Merged Entity) and buyback of shares in Cultfit Merged Entity from all shareholders, except Curefit Healthcare.
“Commission approves the proposed combination involving, inter alia, Curefit Healthcare Pvt Ltd (Curefit Healthcare), Cultfit Healthcare Pvt Ltd (Cultfit), Curefit Services Pvt Ltd (Curefit Services), and Fitness First Luxembourg S.C.A (FF Lux),” the regulator said in a post on X.
FF Lux (Fitness First Luxembourg SCA) operates fitness and sports centres across various jurisdictions. In India, FF Lux is only present through its investments in Curefit Healthcare and Cultfit and does not hold any other investments.
