Business

P&G to Sell Beauty Business to Coty in $12.5 Billion Deal

This Jan. 23, 2012 file photo shows CoverGirl Lash Blast mascara and applicator in Moreland Hills, Ohio. Beauty products maker Coty is buying 43 beauty brands from Procter & Gamble Co., including Miss Clairol, Covergirl and Max Factor. P&G said Thursday, July 9, 2015 that it puts the dealís value at about $15 billion. (AP Photo/Amy Sancetta, File)
This Jan. 23, 2012 file photo shows CoverGirl Lash Blast mascara and applicator in Moreland Hills, Ohio. Beauty products maker Coty is buying 43 beauty brands from Procter & Gamble Co., including Miss Clairol, Covergirl and Max Factor. P&G said Thursday, July 9, 2015 that it puts the dealís value at about $15 billion. (AP Photo/Amy Sancetta, File)

 

(Reuters) – Coty Inc. has sealed a deal to buy Procter & Gamble Co’s beauty business, which includes brands such as Clairol and Wella, in a $12.5 billion transaction that will make Coty the world leader in perfume and hair care.

Coty’s shares fell 6 percent in early trading after the widely expected deal, while P&G was up 0.6 percent.

In a tax-efficient deal designed as a “Reverse Morris Trust” transaction, P&G will separate 43 of its cosmetics, fragrance and haircare brands and fold them into Coty.

The deal is a game-changer for Coty as it adds popular brands such as Wella and Clairol hair color products and Cover Girl and Max Factor make-up to its portfolio of perfume brands that include Marc Jacobs and Calvin Klein.

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