M2M has won the account in the UK, Europe and Asia, while MindShare will handle the US portion of the account.
The WPP agency Maxus previously worked on the US business. M2M was the incumbent on Estee Lauder's UK media account, while the Asian business was previously split between local agencies.
Omnicom and WPP saw off competition from the Havas subsidiary MPG, a non-roster agency that also pitched for the account.
Estee Lauder, which owns the Clinique, Aveda and Aramis brands, called the review eight months ago in order to consolidate the business into one agency.
It initially kicked off the pitch in April last year, but decided to put it on hold two months later, before restarting it in September. The review was led by Estee Lauder's head office in New York.