Hailey Bieber ’s beauty and skin-care brand Rhode has been acquired for $1 billion by Elf Beauty, pending approvals, marking one of the most high-profile beauty deals in recent years. Announced today, the acquisition comes just two months after it was reported in April that the brand hired JPMorgan Chase to oversee the sale.

Model Hailey Bieber's makeup and skincare brand, Rhode, is being snapped up by Elf Beauty for about $1 billion, giving the budget cosmetic retailer access to a celebrity-endorsed product line that has become hugely popular among Gen Z and millennials.

E.l.f. Beauty has acquired Hailey Bieber’s Rhode skincare brand in a $1 billion deal, the companies said. Bieber’s Rhode had $212 million in net sales in the 12 months that ended March 31. The company’s products are only available online,