P&G acquires Thorne for health and wellness expansion

What happened: Procter & Gamble (P&G) is acquiring supplement brand Thorne for $3.8 billion in cash. The transaction, expected to close later this year, involves P&G purchasing Thorne from L Catterton's Flagship Fund. P&G CEO Shailesh Jejurikar announced this on CNBC's "Squawk on the Street" on Tuesday.

Market impact: This acquisition drives P&G's expansion into the health and wellness sector, diversifying its product portfolio beyond consumer goods like detergents and beauty products. Thorne's science-backed supplements will bolster P&G's health division, potentially attracting health-conscious consumers and increasing market share in the growing wellness industry.

What to watch next: P&G's earnings call scheduled for July 27, 2022, will provide insights into the integration of Thorne and its impact on P&G's financials. Additionally, regulatory approvals for the acquisition, expected by the end of 2022, will confirm the deal's closure.