VPX Sports closes sale of assets to Monster Beverage subsidiary

By Sarah Lizee

Olympia, Wash., July 31 – Vital Pharmaceuticals, Inc., which does business as VPX Sports, closed the sale of its assets on Monday to Blast Asset Acquisition LLC, a subsidiary of Monster Beverage Corp., according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Florida.

The cash purchase price is $362 million, as previously reported.

VPX inked a settlement agreement with Monster, which aims to resolve the various litigations between the parties.

The sale was subject to the Hart-Scott-Rodino Act, which required premerger notification to the Federal Trade Commission and the Department of Justice.

Monster had indicated that it would not close the sale until the waiting period outlined in the HSR Act had expired or been terminated.

On June 22, the FTC issued a “second request” to both Monster and the debtors, which prevented the parties from closing the transaction until compliance with the requests.

The debtors and Monster continued to advocate to the FTC in hopes of an early termination of the second-request period, as the asset purchase agreement represents the only alternative to a liquidation of the debtors.

The company had filed a motion for conversion in case the deal fell through.

The Pembroke Pines, Fla.-based maker of Bang energy drinks and other products filed Chapter 11 bankruptcy on Oct. 10, 2022 under case number 22-17842.

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