Procter & Gamble Asset Sale
Consumer products conglomerate The Procter & Gamble Co. said that it will sell its portfolio of 43 beauty brands to New York-based Coty Inc. for $12.5 billion. The transaction will be a Reverse Morris Trust, a tax-efficient structure in which the brands would be spun off before being merged into Procter & Gamble. Following the deal’s completion, Coty shareholders will own 48 percent of the combined entity, and P&G shareholders will hold 52 percent. The deal, announced July 9, is expected to close in the second half of 2016.
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