Procter & Gamble (P&G) is set to acquire the supplement brand Thorne for $3.8 billion, according to an announcement made Tuesday. The deal was confirmed by P&G CEO Shailesh Jejurikar in an interview on CNBC's "Squawk on the Street."
The acquisition is part of P&G's strategy to expand its health and wellness division. Thorne, known for its science-based dietary supplements and health tests, will complement P&G's existing portfolio in personal health care.
Financial details of the transaction were not disclosed beyond the purchase price. The deal is expected to close in the coming months, subject to regulatory approvals.
P&G's move reflects a broader trend of consumer goods companies investing in the fast-growing supplements market, which has seen increased demand for wellness products.
