Procter & Gamble Co. (NYSE: PG) has agreed to sell the global license and certain assets of the Christina Aguilera fragrance business to the Elizabeth Arden Inc. (Nasdaq: RDEN) beauty products company. Terms of the transaction were not disclosed, and the deal is expected to close in the third quarter.

Cincinnati-based Procter & Gamble has been divesting, discontinuing and consolidating brands since 2014, with plans to eventually exit 105 brands because of the undo complexity they create.

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