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GNC Holdings and Hayao reach agreement for funding of $300 million strategic investment

GNC Holdings
America   Hayao’s $300 million investment in GNC will be funded in three separate tranch

GNC Holdings announced that it has reached an agreement with Harbin Pharmaceutical Group for the funding of Hayao’s previously announced $300 million strategic investment in GNC and has entered into definitive documentation with respect to joint ventures in Hong Kong and China.


Pursuant to the Amendment, Hayao’s $300 million investment in GNC will be funded in three separate tranches: an initial $100 million investment to be made by November 9, 2018, an additional $50 million investment to be made by December 28, 2018 and (iii) a final approximately $150 million investment to be made by February 13, 2019.

The economic terms for Hayao’s $300 million investment have not changed.

The Amendment also provides that Hayao will be entitled to designate two directors to the GNC board after completion of the Initial Closing, increasing to an aggregate of five directors after completion of the Second Subsequent Closing.

 

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