Big beauty news: The Estée Lauder Companies just bought Too Faced Cosmetics for a cool $1.4 billion. This is reportedly the largest acquisition in Estée history.

Too Faced is one of the fastest growing makeup brands in specialty-multi and online, and is expected to strengthen the company’s leadership position in the fast-growing prestige makeup category globally, increase the company’s consumer reach in the specialty-multi channel, and win with millennials.

Since launching in 1998, Too Faced’s diverse range of feminine and playful cosmetics includes cult favourites across all makeup subcategories, from the iconic Better Than Sex Mascara, to the sweetly-scented Chocolate Bar Eyeshadow palettes and the Born This Way oil-free foundation.

Too Faced co-founders Jerrod Blandino and Jeremy Johnson released a statement via Instagram last night (that has since been deleted) assuring loyal consumers that the brand will continue to remain cruelty-free.