The Procter & Gamble Company has sold 43 of its beauty brands, including Max Factor, Covergirl and a host of top licensed fragrances, to Coty for $12.5 billion.

The transaction includes P&G’s global salon professional hair care and color, retail hair color, cosmetics and fine fragrance businesses, along with select hair styling brands.

The proposed deal, which is not yet final, would see the brands spin-off from P&G and form part of a merger with Coty. The deal is expected to be finalized in the second half of 2016.

“This represents a significant step forward in the work to focus our portfolio on 10 categories and 65 brands that best leverage P&G’s core competencies," says AG Lafley, chairman, president and chief executive officer, P&G. "We expect these 10 categories to grow and create value as we focus the energy and resources of the company exclusively on them. The merger with Coty, a strategic acquirer, will provide an excellent new home for these businesses and brands, as well as for the talented people who are operating them."

The brands included in the transaction are Wella Professionals (and its sub-brands), Sebastian Professional, Clairol Professional, Sassoon Professional, Nioxin, SP (System Professional), Koleston, Soft Color, Color Charm, Wellaton, Natural Instincts, Nice & Easy, VS Salonist, VS ProSeries Color, Londa/Kadus, Miss Clairol, L’image, Bellady, Blondor, Welloxon, Shockwaves, New Wave, Design, Silvikrin, Wellaflex, Forte, Wella Styling, Wella Trend, Balsam Color, Hugo Boss, Dolce & Gabbana, Gucci, Lacoste, bruno banani, Christina Aguilera, Escada, Gabriela Sabatini, James Bond 007, Mexx, Stella McCartney, Alexander McQueen, Max Factor and Covergirl. The transfer of certain fragrance brand licenses from P&G to Coty is subject to licensor consent.