HYPMY Hypera Sa (PK)

Coty Inc. agreed to acquire the personal care and beauty business of Hypermarcas SA for roughly $1 billion, expanding Coty's presence in Brazil.

The New York company said the deal provides a platform to integrate Coty's beauty business in Brazil with Procter & Gamble Co.'s brands in that country.

P&G, the world's largest consumer-products company said in July that it would carve off brands including Wella shampoos, Clairol hair dye and CoverGirl makeup and merge them with Coty in a complicated $13 billion deal.

Hypermarcas generated revenue of $253.5 million during 2014.

The P&G beauty operations in Brazil are expected to be merged into Coty in the second half of next year. The Hypermarcas deal is expected to close by the end of March.

During August, Coty reported that it swung to a profit for the quarter ended June 30 as cost cuts offset lower sales. Coty plans to release its earnings report for the September quarter on Thursday.

Write to Tess Stynes at tess.stynes@wsj.com

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(END) Dow Jones Newswires

November 02, 2015 08:45 ET (13:45 GMT)

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