CITIC Capital-backed Harbin Pharma buys 40% stake in GNC
China’s Harbin Pharmaceutical Group, which is controlled by CITIC Capital, has agreed to acquire a 40% stake in GNC Holdings for $300 million, becoming the largest shareholder in the US-based nutritional supplements retailer.
GNC will sell 299,950 new convertible preferred shares to Harbin Pharmaceutical at $1,000 apiece, according to a filing. The capital will be used to repay debt and for other corporate purposes. In addition,...
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