The Competition Commission of India (CCI) on Tuesday approved a complex restructuring proposal involving Curefit Healthcare, Cultfit Healthcare, Curefit Services, and Fitness First Luxembourg SCA, according to an official statement.
Curefit Healthcare develops IT-driven technologies and intellectual property for the fitness and health sector.
As per the regulator, the approved transaction includes the transfer of the business related to managing CultPass Elite and CultPass Pro memberships from Cultfit and Curefit Services to Curefit Healthcare. This covers both the servicing of memberships and the subscription operations for these offerings.
Cultfit and Curefit Services currently function as subsidiaries of Curefit Healthcare. Cultfit operates physical fitness centres, while Curefit Services provides subscription-based fitness services through both digital and offline platforms.
The CCI has also approved the merger of the remaining operations of Curefit Services into Cultfit resulting in a combined entity called the Cultfit Merged Entity along with a share buyback from all shareholders except Curefit Healthcare.
In a post on X, the commission confirmed that it has cleared the proposed combination concerning Curefit Healthcare, Cultfit, Curefit Services, and Fitness First Luxembourg SCA (FF Lux).
FF Lux manages fitness and sports facilities in several countries but is present in India only through its investments in Curefit Healthcare and Cultfit, with no other holdings in the country.