SPAIN —Barcelona-headquartered Puig Brands has entered into a definitive agreement to purchase the remaining 50 percent stake in dermatological skin care company ISDIN from joint venture partner Esteve. The transaction values the half-share buyout at EUR 1.20 billion, comprising an initial upfront payment of EUR 900 million upon deal completion and a deferred payment of EUR 300 million. Expected to close by the end of the first quarter of 2027 subject to regulatory approvals, the transaction will be funded through a combination of internal cash reserves and debt financing, maintaining leverage below two times net debt to adjusted EBITDA.
ISDIN, founded in Barcelona in 1975, specializes in dermatological treatments and sun protection solutions, operating as a joint venture between the Puig family and the Esteve pharmaceutical group. Puig is a global beauty and fashion group managing a portfolio of premium fragrance, makeup, and skincare brands.
Securing full control of ISDIN offers critical strategic diversification for Puig as global demand for luxury fragrances normalizes following post-pandemic highs. The deal also mitigates headwinds stemming from sluggish travel retail recovery across the Middle East. By expanding its exposure to clinical and dermatological skin care, Puig aligns itself with high-growth consumer health segments, positioning its portfolio for stable long-term revenue streams backed by pharmaceutical heritage.
For the broader personal care and cosmetics sector, the transaction highlights a continuing consolidation trend where global beauty conglomerates integrate dermatological and science-backed brands. Merging pharmaceutical expertise with commercial distribution networks enables beauty companies to capture rising consumer preference for specialized, medically backed skincare solutions while strengthening market position across global retail channels.
