L’Oreal SA agreed to acquire IT Cosmetics for $1.2 billion in its largest acquisition in eight years, adding more than 300 skin-care and makeup products to its lineup.

IT Cosmetics, backed by TSG Consumer Partners, will become part of the Luxe division of L’Oreal as part of the all-cash transaction, according to a statement. IT will continue to operate out of its headquarters in Jersey City, New Jersey.

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