Brazil Gym Chain Smart Fit Confirms Talks for Stake in Velocity

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 Velocity Academia de Ginástica.

The potential transaction is subject to further contractual negotiations, Smart Fit said in a 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 ...