Estée Lauder (EL) has agreed to buy cosmetics company Too Faced as it extends its reach into the prestige makeup segment.

The New York cosmetics giant will pay $1.4 billion for Too Faced from private equity firm General Atlantic LLC. The acquisition is expected to close in December 2016.

General Atlantic bought the company last year in a deal that valued the company at $500 million.

Estée Lauder shares were marginally down on Monday, closing at $77.60.

Founded in 1998, by Jerrod Blandino and former Estée Lauder employee Jeremy Johnson, Too Faced is sold primarily through cosmetic stores such as the Sephora and Ulta Beauty chains. Too Faced best known products are Better Than Sex mascara and Chocolate Bar eye shadow.

"Too Faced is one of the most dynamic makeup brands in the world," said Fabrizio Freda, President and CEO of Estée Lauder in a statement. "It has tremendous growth momentum in specialty-multi and online - important, strategic and fast-growing channels. With Too Faced, we see terrific opportunity for additional value creation through expansion in new and existing markets both in the U.S. and internationally, as well as in travel retail globally."

Too Faced is expected to reach net sales of $270 million in 2016, representing growth of more than 70% for the year.  

Estée Lauder yesterday completed its acquisition of makeup brand BECCA Inc. In February, the company bought French luxury perfume company By Killan Inc. By Kilian was founded by Kilian Hennessy, whose grandfather of the same name helped create French luxury goods conglomerate LVMH (LVMUY) .

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