Coty is buying 43 beauty brands from Procter & Gamble Co., including Miss Clairol and Max Factor.
The 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.
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Reports circulated last month that Coty might buy several brands from P&G.
P&G 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.
P&G expects a one-time gain of about $5 billion to $7 billion.
The transaction is expected to close in the second half of 2016.