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Procter & Gamble Co. has agreed to divest much of its beauty business including CoverGirl, Clairol and Wella brands — to Coty in a $15 billion deal. It is most likely to be completed as a spinoff that could leave much of the newly enlarged Coty in the hands of P&G shareholders.

With the deal, which includes 43 brands in all, P&G’s plan launched last year to shed 100 brands and around 15% of its business is “substantially completed,” said Chief Financial Officer Jon Moeller in a conference call this morning. When it’s complete, P&G will have divested or merged 93 of the 100 brands, 95% of the targeted sales and all of the profit for brands expected to be eliminated.

In all, the brands involved in the divestiture to Coty had 2014 U.S. measured media spending of around $300 million, according to Kantar Media, almost all handled by WPP’s Grey. Whatever agency ends up with the business at Coty stands to take on a tough customer. Coty is asking for 150-day payment terms for participants in its current global media review launched in April, a process that takes on far greater weight now.

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