From NewYorkTimes. Story by Chad Bray.

Brait, a South African investment firm, said Thursday will acquire an 80-percent stake in Virgin Active, the health-club chain 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.

Founded in 1999, Virgin Active operates 267 health clubs in nine countries on four continents and holds what Brait said were leading positions in Britain and South Africa. As of Dec. 31, the company had more than 1.3 million members and generated revenue of £630 million ($940 million US).

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