Puig Brands notified the CNMV yesterday that it has entered into a share purchase agreement with Corporación Químico-Farmacéutica Esteve, S.A., to acquire shares representing 50% of the share capital of Isdin, S.A., a Spanish company operating in the dermo-cosmetics and skincare sector. Upon completion of the transaction, PUIG will hold 100% of Isdin’s share capital. The total purchase price for the shares is a fixed amount of EUR 1,200 million, to be paid as follows:
- EUR 900 million on the closing date of the Transaction.
- EUR 300 million as a fixed deferred payment, payable in Q1 2029.
- The deferred payment will not accrue any interest. The transaction has been agreed on customary market terms, and its closing is subject to the precedent condition of obtaining the relevant regulatory approvals regarding merger control in applicable jurisdictions.
- PUIG expects the transaction to close at the end of Q1 2027, subject to obtaining these regulatory approvals. The transaction will be financed through a combination of cash on hand and debt, with PUIG’s Net Financial Debt / Adjusted EBITDA ratio expected not to exceed 2.0x, in line with the company’s capital structure policy and guidance previously communicated to the market.
- The transaction falls within PUIG’s strategy to consolidate and strengthen its position in the dermo-cosmetics sector by acquiring full ownership of Isdin’s share capital. Until the transaction closes, Isdin will continue to conduct its business in the ordinary course under its existing corporate governance structures.
