Citic Capital arranges last-minute rescue for GNC

The private equity firm was the fixer for its portfolio company’s JV and bought time from its creditors for GNC. Its role highlights a growing trend in China’s going-out deals.

Harbin Pharmaceutical Group (Hayao) agreed to pay about $300 million for a 40% stake in US vitamin firm GNC Holdings and seal a joint venture in China, the companies said on Tuesday.

¬ Haymarket Media Limited. All rights reserved.

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