Procter and Gamble has agreed to sell off 43 of its hair and beauty brands to beauty giant Coty for $12.5bn (£8.13bn).

Max Factor:  the make-up brand's ad campaign featuring Marilyn Monroe  



Coty’s portfolio of brands includes perfumes such as Calvin Klein and cosmetics like Rimmel London. It will gain control over Wella and Max Factor as well as Hugo Boss, Dolce & Gabbana and Gucci fragrances.
P&G will merge the 43 brands into Coty through a complex deal referred to as a 'Reverse Morris Trust' structure, in which the FMCG firm will spin off the operations into a new entity. P&G’s shareholders will own a majority stake in the new organisation.
Depending on the final value of the transaction, P&G estimates a one-off gain of $5bn to $7bn from the deal.
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