London

RUSSIAN billionaire Mikhail Fridman's L1 Retail has agreed to buy Britain's Holland & Barrett for £1.77 billion (S$3.13 billion) in its first acquisition, betting on continued growth and expansion abroad for the health foods chain.

L1 Retail, part of Fridman's empire that spans investments in ride-hailing firm Uber to North Sea assets, said it expected to complete the purchase from The Nature's Bounty Co and The Carlyle Group by September, subject to regulatory approvals.