Puig buys 50% of Isdin from Esteve for 1,200 million
The perfume company will now have full control of the dermocosmetics one
BarcelonaThe fragrance and cosmetics company Puig has signed an agreement to acquire 50% of the dermocosmetic firm Isdin from Esteve for 1.2 billion euros, thus assuming 100% of the share capital. In a statement published this Monday to the National Securities Market Commission (CNMV), Puig detailed that the payment will be divided into 900 million euros to be paid in cash on the closing date of the operation, and 300 million euros as a fixed deferred payment without interest in the first quarter of 2029.
The company will finance this acquisition through a combination of its own resources and financial debt, and the operation is expected to be completed by the end of the first quarter of 2027, subject to obtaining the relevant regulatory authorizations regarding competition.
In a statement, Puig asserts that the operation marks a "new chapter" in the collaboration that the Esteve and Puig families began half a century ago with the creation of Isdin. "Together we have contributed to building a company with a unique position at the intersection of science and beauty," said the executive chairman of Puig, Marc Puig.
According to the company's CEO, José Manuel Albesa, the goal of the purchase is to "expand" Puig's presence in dermoesthetics, a "strategic priority." "Full ownership will provide Puig with the best platform to support its next phase of growth, strengthen our presence in dermoesthetics, and continue investing in the science, innovation, and brand strength that have made Isdin a successful company." "This operation is fully aligned with our long-term ambition to consolidate our presence in skincare and generate value for all our stakeholders".
The future of Isdin
For his part, Albert Esteve, chairman of the board of directors of Esteve, has assured that they are taking this step with "full confidence in the future of Isdin under the leadership of Puig" and Esteve's commitment to "preserve and develop its industrial legacy in the field of health and medicine".
Until the closing of the operation, Isdin will continue its ordinary activity and will maintain the current corporate governance structure, according to the statement reported by Puig. The current CEO of Isdin, Juan Naya, has said that the operation "provides Isdin with a solid platform for the future", and added: "Our focus remains the same: to promote science and innovation, to serve healthcare professionals and consumers, and to support the teams and collaborators whose talent and commitment have made Isdin's success possible".
The operation for Puig to control Isdin comes just four months after the Catalan fragrance company announced the breakdown of the talks it had held with the American company Estée Lauder for a possible merger to create a global giant in perfumery and cosmetics.