Puig Strengthens Dermatology Skin Care with €1.2 Billion ISDIN Acquisition Deal
By Mireia Merino
Puig Acquires Full Ownership of ISDIN in Strategic Move
Sept 14 (Reuters) - Puig Brands 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.
Deal Structure and Financial Details
Payment Terms
• 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 Timeline and Approvals
• Closing is expected by the end of the first quarter of 2027, pending regulatory approvals.
Funding and Leverage
• 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.
Strategic Impact on Puig
Expansion in Skin Care Segment
• Deal boosts company's skin care exposure as fragrance demand normalises and Middle East travel retail remains under pressure.
Market Context
(Reporting by Mireia Merino; Editing by Alexander Smith)
