The acquisition is dependent on regulatory conditions and approval, and providing all conditions are fulfilled the sale should go through by next month.
Financial terms were not revealed.
Estee Lauder CEO William Lauder called the acquisition a terrific strategic fit, adding that Ojon is " a socially responsible, innovative company with potential for rapid and sustained world-wide growth."
He went on to state that his vision was to give the brand global positioning, suggesting that its distribution will soon be stepped up beyond the North American market, with Europe invariably becoming a key target market.
" The acquisition of Ojon Strengthens our position in hair care and further broadens our distribution, " said Philip Shearer, Estee Lauder group president.
"It should enable us to expand in the rapidly growing direct response television and specialty retailing brands," he added.
Buying into the brand taps into the fast-growing market for premium hair care products containing exotic natural ingredients.
Ojon products benefit from ingredients collected by the Tawira, an indigenous people from the Central American rainforests, mainly inhabitants of Honduras.
The Tawira produce Ojon palm nut oil, an ingredient derived from the Ojon tree and one that is said to strengthen, moisturize, bring shine and reduce hair follicle breakage - forming the basis of the company's hair care range.
Indeed, Ojon uses 'the people of beautiful hair' as the basis of its marketing campaign for its product line, a phrase that actually translates as the meaning of the word Tawira.
Tying in with demand for ethically produced and sourced products, the company has secured its supply of palm nut oil and other ingredients from a local development agency, which acts as an agent to ensure that the ingredients are from sustainable sources.
Ojon's range includes shampoos, conditioners and other treatments that focus on treating dry or out-of-condition, by restoring its moisture levels and in turn returning shine and texture to the hair.
It includes a restorative hair treatment, ultra-hydrating conditioner and shampoo and a shine and protection glossing mist.
Likewise, the company launched the Rare Harvest Tawaka Collection, a skin and hair treatment line that contains anti-oxidant rich cacao extract sourced from the Honduran rainforest.