Fragrance and cosmetic company Coty Inc. announced today that it will purchase a 51% stake in Kylie Jenner’s beauty business—which includes Kylie Cosmetics and Kylie Skin—for $600 million. The deal values the business at nearly $1.2 billion. The transaction is expected to close in the third quarter of 2020, where Jenner will keep a 49% stake in Kylie Cosmetics and remain the creative lead on both product development and marketing initiatives. Coty hopes that it can use its global footprint to expand Kylie Beauty internationally.