Titan Fitness announced on Tuesday that it had acquired the fitness equipment business of fitness brand Fitbit, which has been embroiled in a lawsuit over claims of price gouging.
The news comes just days after Fitbit filed a countersuit against Titan Fitness for allegedly violating a contract with Fitbit.
Fitbit said it had agreed to purchase the Titan Fitness business for $50 million.
Titan Fitness has said it intends to remain a company independent and that it will not be involved in the lawsuit.
“Titan Fitness has a long and successful history in fitness and is pleased to have taken on this opportunity,” CEO Chris Anderson said in a statement.
The company also said it will provide additional information to investors about the acquisition, including how it will fund the purchase. “
As an independent company, Titan Fitness will remain a focus of our focus on innovation, innovation, and delivering great products that will be enjoyed by our millions of customers.”
The company also said it will provide additional information to investors about the acquisition, including how it will fund the purchase.
The company has been in talks with the FTC for several months to acquire Fitbit’s business.
The FTC investigation has focused on alleged price gouge complaints, which were filed in May.
The complaint alleged that Fitbit violated the terms of a $1.6 billion contract it signed with Fitbits to supply a range of fitness devices including a digital scale, wrist band, and a smartphone app.
Fitbits has denied the allegations and said it agreed to a contract that provided for the sale of the business for between $1 million and $5 million.
The lawsuit alleges that Fitbits did not pay the FTC or pay its vendors to provide the fitness devices.
The suit alleges that the contract violated the Sherman Antitrust Act, which prohibits unfair or deceptive business practices.
FitBit did not immediately respond to a request for comment.
FitBIT is also facing a class-action lawsuit in California over alleged price-gouging allegations.
FitBits was founded in 2015 and has grown to include brands including Adidas, Under Armour, and Nike.
The firm says that it has a “strong record of quality and integrity” and that its products are “the most popular fitness tracking devices in the world.”
It declined to comment on whether it would remain independent of Fitbit in the litigation.