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Spanish beauty group Puig buys remaining ISDIN stake in €1.20 billion deal

By Reuters News17:31 (UTC), 14 September 2026 Updated

By Mireia Merino

Sept 14 (Reuters) - Puig Brands PUIGb.MC said on Monday it had agreed to buy Esteve's 50% stake in ISDIN in a €1.20 billion ($1.41 billion) deal that gives the Spanish beauty group full ownership of the brand and strengthens its position in dermatology-linked skin care.

Puig said in a filing that it will pay €900 million for the 50% stake when the deal closes, with the remaining €300 million deferred to the first quarter of 2029.
Closing is expected by the end of the first quarter of 2027, pending regulatory approvals.
Deal funded with Puig's own resources and debt.
Net debt to adjusted earnings before interest, tax, depreciation and amortisation not to exceed two times.
Deal boosts company's skin care exposure as fragrance demand normalises and Middle East travel retail remains under pressure.

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