Puig to acquire full ownership of Isdin for 1.2 billion euros

Puig Isdin acquisition dermocosmetics Esteve

Puig has reached a definitive agreement to acquire the remaining 50% stake in the Spanish dermocosmetics brand Isdin from Corporación Químico-Farmacéutica Esteve. The total transaction is valued at 1.2 billion euros.

The payment structure consists of an initial 900 million euro payment upon the deal's closure, followed by a fixed, non-interest-bearing deferred payment of 300 million euros scheduled for the first quarter of 2029. Puig intends to finance the acquisition through a combination of internal resources and financial debt, aiming to keep its net debt-to-adjusted EBITDA ratio below 2.0 times.

The transaction is expected to finalize by the first quarter of 2027, pending necessary regulatory approvals regarding concentration control. Until the deal is completed, Isdin will continue to operate under its existing corporate governance structures. This move is a strategic priority for Puig to strengthen its presence in the growing skincare and dermatology market, following previous unsuccessful merger talks with Estée Lauder.

Entities

CNMV · Corporación Químico-Farmacéutica Esteve · Esteve · ISDIN · Jose Manuel Albesa · Marc Puig · Puig

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] The acquisition will be funded through a combination of own resources and financial debt. wwd.com · www.economiadigital.es
[● 2 SOURCES] Puig expects its net debt-to-adjusted EBITDA ratio to remain below 2.0 times following the deal. wwd.com · www.economiadigital.es
[● 3 SOURCES] Puig has agreed to acquire the remaining 50 percent stake in Isdin from Corporación Químico-Farmacéutica Esteve (CQFE). wwd.com · www.informacion.es · www.economiadigital.es
[● 3 SOURCES] 900 million euros will be paid in cash upon the closing of the deal. wwd.com · www.informacion.es · www.economiadigital.es
[● 3 SOURCES] The total acquisition price for the remaining stake is 1.2 billion euros. wwd.com · www.informacion.es · www.economiadigital.es
[○ 1 SOURCE] The completion of the sale is subject to obtaining necessary regulatory approvals regarding concentration control. www.economiadigital.es
[● 3 SOURCES] A fixed, non-interest-bearing deferred payment of 300 million euros is scheduled for the first quarter of 2029. wwd.com · www.informacion.es · www.economiadigital.es
[● 2 SOURCES] The transaction is expected to close in the first quarter of 2027. wwd.com · www.economiadigital.es