GNC Holdings Inc. won a Delaware court's approval on September 17 to sell itself to the Chinese company Harbin Pharmaceutical Holding Co. for $770 million.
After filing bankruptcy in June, the health and wellness company canceled its auction plans and accepted the offer from its largest shareholder. Harbin has owned up to 40% of GNC since 2008, according to the Pittsburgh Post-Gazette.
READ MORE: Pandemic Forces GNC into Bankruptcy
Following reports of the purchase plans, GNC received political opposition concerning the foreign acquisition. But the bankruptcy court judge welcomed the sale.
National Security Concerns
Florida Senator Mark Rubio questioned the sale to the Chinese company. He requested a national security review from Treasury Secretary Steve Mnuchin.