Deal represents one of the largest UK buyouts of 2017.

The Board of The Nature’s Bounty Co. and The Carlyle Group (NASDAQ: CG) have announced that L1 Retail, the retail investment arm of LetterOne, has agreed to purchase Holland & Barrett for £1.77 billion. The transaction is expected to close by September 2017 subject to customary regulatory approvals.

Originally founded in 1870 as a grocery store, Holland & Barrett has grown to be Europe’s largest Health and Wellness retail chain with stores in more than 1,150 locations worldwide, a significant rapidly expanding online ecommerce capability and a world-class leadership team supported by its global employee base of more than 4,200 associates and staff.

Latham & Watkins represents The Carlyle Group and The Nature’s Bounty Co. in the transaction with a corporate deal team led by partner Michael Bond, with associates Linzi Thomas, Katie Peek and Alexander Dodds. Advice was also provided on finance matters by partner Sam Hamilton, with associate Fergus O’Domhnaill; on benefits and compensation matters by partners Stephen Brown and Catherine Drinnan, with associate Kendall Burnett; on tax matters by partner Sean Finn, with associate Aoife McCabe; on antitrust matters by partner Luca Crocco; and on intellectual property matters by partner Deborah Kirk, with associate Esther Franks. All lawyers are based in the firm’s London office, with the exception of Mr. Crocco, who is in Brussels.