Monster, the leading US energy drinks company, has announced it has reached an agreement to acquire Vital Pharmaceuticals, owner of the Bang Energy brand, after the latter declared bankruptcy.
In a statement, Monster said it would acquire Bang Energy’s performance beverages and related Bang Energy businesses through the purchase of substantially all of Bang Energy’s assets, reportedly valued at $362 million, under an Asset Purchase Agreement.
The agreement is said to include a $25 million deposit and assumption of assumed liabilities, as well as a production facility located in Phoenix (AZ). Additionally, after receipt of title to and ownership of intellectual property, Monster Beverage Corp is expected to pay $10 million in cash within 30 days.
A hearing for the sale approval is scheduled for 13th July 2023.
Source: Monster / Bevnet