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20

South African Investment Firm to Pay $1 Billion for Stake in Virgin Active

By Tony Seruga

LONDON — Brait, the South African investment firm, said on Thursday that it had agreed to acquire an 80 percent stake in Virgin Active, the health club chain that is partly owned by the billionaire Richard Branson’s Virgin Group.

In a news release, Brait said that it would pay 682 million pounds, or about $1 billion, to buy the stake from the Virgin Group and funds advised by theprivate equity firm CVC Capital Partners. Virgin Group will retain a 20 percent stake in the health club chain after the sale.

The CVC funds acquired a 51 percent stake in Virgin Active in 2011…

South African Investment Firm to Pay $1 Billion for Stake in Virgin Active

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