L1 Retail to buy Holland & Barrett for $1.77 billion

L1 Retail to buy Holland & Barrett for $1.77 billion”

Russian billionaire Mikhail Fridman's investment fund L1 Retail has agreed to buy health food retailer Holland & Barrett for GBP1.8 billion, the Financial Times reported Monday.

Subject to approval by regulators the deal is set to finish by September 2017 and comes at a time of continued financial and global expansion for the retailer.

It is the first acquisition made by L1 Retail, which was set up a year ago by Fridman's holding company LetterOne.

The retail investment arm of Letter One will take control of the retailer's 1150 stores worldwide, following a bidding race which saw Superdrug's AS Watson Group consider a £1 billion bid.

More news: Jordan Spieth Drills Epic Bunker Hole-Out to Win Travelers Championship

Holland & Barrett is Europe's largest health and wellness retail chain, with more than 1,150 shops and an online business.

It has almost 1,400 stores around the world, half of them in the United Kingdom, and employs 4,000 people, including 3,400 in the United Kingdom and Ireland - among these 350 at its headquarters in Nuneaton, Warwickshire.

Carlyle agreed to buy Ronkonkoma, New York-based Nature's Bounty, formerly known as NBTY, in September 2010 in a transaction valued at about $3.8 billion.

Carlyle managing director Alex Stirling told FT that the health foods chain had opened more than 300 stores and expanded into new markets under the firm's ownership over the past seven years.

Like this



26 June 2017
Cosby set to begin defense at sexual assault trial
A verdict in the case is expected quickly, with deliberations beginning on Monday following the prosecution's closing statements. Having failed to reach a decision, the men and women of the jury retired for the night and will reconvene this morning.

26 June 2017
'Lets Not Rush This': Senators Urge Health Care Vote Delay
Seventy-four percent of those polled, meanwhile, said they have a favorable opinion of Medicaid . He also claimed former President Barack Obama only called it " mean " after he did.

26 June 2017
Trump says hostility has stymied bipartisanship
Rand Paul can support. "There's no way the Republican bill brings down premiums", Paul said in an interview on ABC's "This Week". Senate Majority Leader Mitch McConnell has signaled he wants to pass the bill before the July 4 holiday weekend.

26 June 2017
Trump To Get Another Supreme Court Judge?
Harris mainly addressed racial and not partisan gerrymandering, the latter which he believed was impossible to limit in Vieth v. The Trump administration placed former Kennedy clerks in prominent posts throughout the Department of Justice.

26 June 2017
President Trump: Congress not 'that far off' from passing health care overhaul
Flake is politically popular but faces a primary challenge from a conservative. "It's so easy. Ted Cruz of Texas, Rand Paul of Kentucky, Mike Lee of Utah and Ron Johnson of Wisconsin.

26 June 2017
Trump lashes out at Warren, calls her an 'overrated voice'
John Cornyn of Texas said there is "a sense of urgency" to push forward but acknowledged the outcome is "going to be close". Senate Republican leader Mitch McConnell of Kentucky and his colleagues are determined to get rid of it.

26 June 2017
McPhee ready for bidding war on exposed players
Aside from Fleury, other goalies exposed are Florida's Roberto Luongo , Detroit's Peter Mrazek and Philadelphia's Michal Neuvirth. The NHL expansion draft and Vegas' initial roster will be unveiled during Wednesday's televised NHL Awards Show.

26 June 2017
Hornets trade 31st pick Frank Jackson to Pelicans
People can expect me to be a fierce competitor, someone who can lead a team, get out and defend, and play my game. He only played one year at Duke but I averaged 11 points in 36 games as a freshman.

26 June 2017
Morgan defends dropping himself for SA finale
Malan, who will turn 30 in just over two months, admitted he thought his chance of playing global cricket may have gone. Crane's third over went 4, 6, 6, 1, 1 before de Villiers was caught above his head by Alex Hales at deep square leg.

26 June 2017
Generation game as Federer faces Zverev for Halle title
The Gerry Weber Open 2017 final between Roger Federer and Alexander Zverev is set to start at 1:00pm local time, 4:30pm IST and 12.00pm BST.