The Catalan perfumery and cosmetics multinational Puig has taken a giant step in its expansion strategy within the skincare sector after agreeing with the pharmaceutical group Esteve on the acquisition of the remaining 50% of Isdin, which will grant it total and absolute control of the company as it takes over 100% of the company.
The total amount of the operation amounts to 1.2 billion euros. As detailed by Puig in a statement sent to the National Securities Market Commission (CNMV), the payment will be structured in two phases: an initial payment of 900 million euros at the time the operation is formally closed, and a fixed deferred payment of 300 million euros that will become effective during the first quarter of 2029.
The purchase is expected to be fully formalized by the end of the first quarter of next year, pending receipt of the relevant regulatory authorizations. To finance the acquisition, Puig will combine its own resources and financial debt, with the commitment that the latter does not exceed twice its ebitda.
End of an alliance that has lasted for half a century
This move puts an end to fifty years of co-investment and shared vision between the Puig and Esteve families in Isdin, a brand that has consolidated itself as an international benchmark at the intersection of science and beauty.
Marc Puig, executive chairman of the Puig group, wanted to thank the involvement of his historical partners: "We are very grateful to the Esteve family for their decisive contribution and for the trust that has characterized our collaboration. Puig faces this new stage with a long-term commitment to Isdin, its people, its scientific culture and its future development".
The purchase comes in a context in which Isdin closed the last fiscal year with sales stagnant at 647 million euros, experiencing very moderate growth after years of double-digit increases.
This operation confirms Puig's dynamism and power in the market for acquisitions between companies after the setback suffered in its negotiations with Estée Lauder. The Catalan group thus reaffirms its inorganic growth strategy, relying on its solid liquidity to continue strengthening brands in its portfolio, as it recently did by increasing its stake in the British makeup firm Charlotte Tilbury.