Peloton Interactive Inc (NASDAQ:PTON) shares are popping after the close on Wednesday after the connected fitness company announced a five-year deal with Lululemon Athletica Inc (NASDAQ:LULU).

What Happened: Pelton and Lululemon announced a five-year strategic global partnership, making Pelton the athletic apparel company's exclusive digital fitness content provider. Lululemon will become the primary athletic apparel partner for Peloton.

Under the partnership, the two companies will engage customers across the globe through technical athletic apparel, real-life experiences, special programming, and original content.