Estée Lauder announced Tuesday it had agreed to buy Tom Ford—the luxury fashion superbrand—for $2.8 billion in what will be the beauty company’s largest-ever acquisition. Ford, the 61-year-old founder and chief executive of Tom Ford International, is expected to stay with the brand through the end of 2023. In a statement, the newly-minted billionaire told The New York Times he “couldn’t be happier” with the agreement. “They have been an extraordinary partner from the first day of my creation of the company,” he said of Estée Lauder, “and I am thrilled to see them become the luxury stewards in this next chapter of the Tom Ford brand.” The cosmetics firm has licensed a line of Ford beauty products, including fragrances and skincare products, since 2006. The new deal, which is expected to close in the second half of next year, will bring Ford’s fashion and eyewear to Estée Lauder, which has previously been focused solely on cosmetics. Fabrizio Freda, the president and CEO of Estée Lauder, said the “strategic acquisition” would “help to propel our momentum in the promising category of luxury beauty for the long-term.”