THE WHAT? Puig has agreed to acquire Esteve’s remaining 50 percent stake in ISDIN for €1.2 billion, giving the Spanish beauty group full ownership of the dermatology-focused skincare brand.
THE DETAILS Puig will pay €900 million when the transaction closes, with a further €300 million deferred until the first quarter of 2029. The deal is expected to complete by the end of the first quarter of 2027, subject to regulatory approvals, and will be financed through Puig’s existing resources and debt. The company expects net debt to adjusted EBITDA to remain below two times following the transaction. Puig and Esteve have jointly owned ISDIN since 1990, with the acquisition bringing the skincare business entirely within Puig’s portfolio.
THE WHY? The acquisition significantly strengthens Puig’s position in dermatology-linked skincare and further diversifies the group beyond fragrances, providing greater exposure to a category with strong clinical credentials and international growth potential.
Source : Reuters