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Puig to Acquire Full Ownership of Skincare Brand ISDIN for €1.2 Billion
Puig Brands announced on Monday it has reached an agreement to acquire the 50% stake in skincare brand ISDIN held by Esteve for €1.20 billion ($1.41 billion). The transaction will give the Spanish beauty and fashion group complete ownership of ISDIN, significantly expanding its presence in the high-growth dermatology-linked skincare market.
Deal Structure and Financing
According to a company filing, the payment will be staggered. Puig will pay €900 million when the transaction closes, with the remaining €300 million deferred until the first quarter of 2029. The acquisition is expected to be finalized by the end of the first quarter of 2027, pending customary regulatory approvals.
Puig stated it will finance the deal using a combination of its own resources and debt. The company reassured investors that its leverage would remain in check, projecting that its net debt to adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) ratio will not exceed two times following the transaction.
AdStrategic Shift to Skincare
This acquisition marks a strategic move by Puig to bolster its skincare division. The company noted the deal increases its exposure to the category at a time when demand for fragrances is normalizing after a post-pandemic surge.
The move also helps diversify Puig's revenue streams amid ongoing pressure in the Middle East travel retail market, a key channel for its fragrance business. By taking full control of ISDIN, Puig gains a stronger foothold in the resilient and scientifically-driven dermo-cosmetics space.
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