Puig Acquires ISDIN in €1.2 Billion Deal
Puig Secures Full Ownership of ISDIN, Bolstering Skincare Empire
In a significant move that reshapes the landscape of luxury beauty, Puig has successfully secured full ownership of the dermatology-focused skincare brand ISDIN. This landmark acquisition, worth €1.2 billion, completes Puig’s portfolio and dramatically strengthens the Spanish beauty group’s position in a high-growth, clinically-backed category.
The deal brings to fruition the acquisition of Esteve’s remaining 50 percent stake, effectively giving Puig complete control over the influential skincare line. This strategic maneuver is more than just a financial transaction; it is a powerful integration that places a cornerstone of dermatology-focused skincare firmly within Puig’s expansive portfolio, diversifying the group far beyond its renowned fragrance empire.
Financially, the transaction is structured to provide flexibility. Puig will pay €900 million when the deal officially closes, with the remaining €300 million deferred until the first quarter of 2029. The entire operation will be financed through Puig’s existing resources and debt, demonstrating a commitment to sustainable growth.
The timeline for completion is set for the end of the first quarter of 2027, pending necessary regulatory approvals. Crucially, the group expects the financial health to remain robust, aiming to keep net debt to adjusted EBITDA below two times following the integration.
This acquisition is especially meaningful given the long history between the two entities; Puig and Esteve have jointly owned ISDIN since 1990, a relationship that now culminates in full consolidation.
The strategic “why” behind the deal is rooted in opportunity. By integrating ISDIN, Puig significantly amplifies its presence in the highly competitive and rapidly evolving dermatology-linked skincare market. This move provides greater exposure to a segment characterized by strong clinical credentials and enormous international growth potential, perfectly aligning with the group’s ambition to lead innovation in beauty.
Credit
