NEW YORK (AP) – Coty is buying 43 beauty brands from Procter & Gamble Co., including Miss Clairol, Covergirl and Max Factor.
P&G, maker of Tide laundry soap, Crest toothpaste and a multitude of other products, said Thursday that it puts the deal’s value at about $15 billion. That includes stock valued at about $13.1 billion and $1.9 billion in debt, but the debt could range between $1.9 billion and $3.9 billion.
The sale is part of a long-running effort at Procter & Gamble to shed some of its dozens of brands and focus on those where it is strongest. Last year, P&G made a deal to sell the Duracell battery brand to Warren Buffett’s Berkshire Hathaway.
The plan is to pare off about 100 brands, leaving about 65 in the P&G stable.
The Coty deal includes P&G’s global salon professional hair care and color, retail hair color, cosmetics and fine fragrance businesses, and certain hair styling brands. Other brands included in the transaction are Sebastian Professional, Sassoon Professional, Natural Instincts and Nice & Easy.