Investing.com -- Procter & Gamble Co. reached an agreement to acquire supplement maker Thorne for $3.8 billion, with the deal set to be announced later today.

Chief Executive Officer Shailesh Jejurikar disclosed the pending transaction during a Tuesday appearance on CNBC.

Thorne has been the subject of acquisition speculation for several months. UK-based companies Haleon Plc and Unilever Plc were also reported as potential buyers, according to the Financial Times.

Jejurikar told CNBC that P&G has been seeking to expand its beauty and wellness business through acquisitions.

Thorne was established in 1984 and produces a range of products from creatine to prenatal vitamins. The company was taken private in 2023 for $680 million by L Catterton, an investment firm backed by luxury goods maker LVMH.

According to CNBC, Thorne was on track to reach $650 million in total sales in 2026 earlier this year.