Puig buys out ISDIN in €1.2 billion deal for full control
What's the deal? PuigDealroom has a profile for this one. Try Dealroom → has agreed to acquire the remaining 50% of dermocosmetics maker ISDINDealroom has a profile for this one. Try Dealroom → from the Esteve family for €1.2 billion, giving the Barcelona-based beauty group full ownership. It will pay €900 million at closing and a deferred €300 million expected in the first quarter of 2029.
Why now? The move comes less than four months after Puig walked away from merger talks with US giant Estée LauderDealroom has a profile for this one. Try Dealroom →. At the time, Puig made clear it was not for sale and was instead interested in buying other companies.
What's the endgame? Puig earns roughly three-quarters of its revenue from perfume and sees room to grow in cosmetics and skincare. "Expanding our presence in dermocosmetics is a strategic priority for Puig," said chief executive officer José Manuel Albesa (translated from Spanish).
The other side: For the Esteve family, the sale fits a years-long shift to focus its pharmaceutical business on medicines for rare and minority diseases. ISDIN was born from a five-decade partnership between the Puig and Esteve families.
Puig, which reported over €5 billion in revenue in 2025 and more than €2.3 billion in the first half of 2026, plans to unveil a new growth strategy in late October, with cosmetics at its centre. Full ownership, Albesa said, provides "the best platform to support its next phase of growth."
The signal: Fresh off abandoning a tie-up that would have folded it into a larger rival, Puig is asserting itself as a consolidator rather than a target — betting on skincare to diversify beyond its perfume-heavy core.
Read more: levante-emv.com
Image credit: Generated with Gemini
