Kirkland Advises Forest Road Acquisition Corp. on Business Combination with The Beachbody Company and Myx Fitness
Kirkland & Ellis advised Forest Road Acquisition Corp. (NYSE: FRX) (Forest Road), a publicly traded special purpose acquisition company, on its definitive three-way merger agreement with The Beachbody Company Group, LLC (Beachbody), a worldwide leader in health and fitness, and Myx Fitness Holdings, LLC (Myx), an at-home connected fitness platform featuring an industry leading bike and home studio. As part of the combination, Beachbody will become a public company and will be the parent company of three premium content and technology-driven businesses: Beachbody On Demand (BOD), Openfit and Myx. The transaction is expected to close in the second quarter of 2021 and the combined company will be listed on the NYSE under a new ticker symbol, “BODY”. The transaction values the combined company at $2.9 billion and is expected to add over $420 million of cash to the balance sheet, including a committed PIPE of $225 million, led by institutional investors including Fidelity Management & Research Company LLC and Fertitta Capital.
Read the Beachbody press release
The Kirkland team was led by transactional partners Michael Woronoff, Monica Shilling and Michael Considine and associates Randy Santa Ana and Jack Kelly, and tax partners Anne Kim and William Dong.
