Puig has agreed to take full ownership of Isdin by acquiring the 50 percent stake it does not already hold in the Spanish dermocosmetics brand from Corporación Químico-Farmacéutica Esteve, or CQFE. Puig will pay 1.2 billion euros, or $1.39 billion, for the remainder of Isdin, including 900 million euros in cash after the deal closes, which is expected in first-quarter 2027, plus a fixed, non-interest-bearing deferred payment of 300 million euros payable in first-quarter 2029. The transaction will be funded through own resources and financial debt, and Puig said its net debt-to-adjusted earnings before interest, taxes, depreciation and amortization ratio will remain under 2.0-times after completion, in line with prior guidance. Isdin will continue to operate as usual under its existing governance structure, and Puig, which posted net sales of 5.04 billion euros in 2025, said expanding in dermocosmetics is a strategic priority. Executive chairman Marc Puig called Isdin five decades of shared vision between the Puig and Esteve families, while CQFE chairman Albert Esteve said the agreement was reached with full confidence in Isdin's future under Puig's leadership.
Puig Brands SACQFE sells its remaining 50% stake in Isdin to Puig for 1.2 billion euros, a major divestment.
Puig acquires full ownership of Isdin, which will continue operating under its existing governance structure.
