Skincare company Obagi and makeup brand Milk Makeup are merging with Waldencast Acquisition Corp. , a special-purpose acquisition company founded by two former L’Oréal executives in a deal that values the combined business at roughly $1.2bn.

Milk Makeup is a vegan makeup brand that is sold at Sephora, among other retailers. Obagi’s products are aimed at minimizing the appearance of sun damage, aging and acne, and are primarily available through dermatologists and other professionals.