Procter & Gamble agrees to sell 43 beauty brands for $12.5B

Procter & Gamble is slated to sell 43 beauty brands to Coty Inc. for approximately $12.5 billion, the companies announced Thursday.

The sale would effectively double the size of Coty, with the deal’s combined pro forma revenues exceeding $10 billion, according to Forbes.

Among the brands included in the transaction are fragrances from Dolce & Gabbana and Gucci, cosmetics brand CoverGirl and hair coloring brand Clairol. New York-based Coty currently owns cosmetic company Rimmel and Calvin Klein’s fragrance line.

When the transaction is completed, P&G shareholders would own 52 percent of the combined company, with Coty’s shareholders owning the remaining 48 percent.

Read more from Forbes.