PARIS — 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 is closed. That is expected in first-quarter 2027. A fixed, non-interest-bearing deferred payment of 300 million euros is to become payable in first-quarter 2029.

The transaction’s funding will be through own resources and financial debt. Puig said that following the deal’s completion, its net debt-to-adjusted earnings before interest, taxes, depreciation and amortization ratio will remain under 2.0-times, in line with the company’s prior guidance.

Dermocosmetics, at the intersection of health and beauty, is a surging category today.

A half-decade ago, Puig and the Esteve family partnered to create the brand, which is especially known for its sun care.

“Isdin represents five decades of shared vision between the Puig and Esteve families,” said Marc Puig, executive chairman of Puig, in a statement released Monday evening. “Together we have helped build a company with a distinct position at the intersection of science and beauty.

“We are grateful to the Esteve family for its decisive contribution and for the trust that has characterized our partnership,” he continued. “Puig will approach this next chapter with a long-term commitment to Isdin, its people and scientific culture and its continued development.”

“Expanding our presence in dermocosmetics is a strategic priority for Puig,” said José Manuel Albesa, chief executive officer of Puig. “Isdin is a unique company, with a strong management team, a clear strategy and a distinctive position in dermatology and skin care.

“Full ownership will give Puig the best platform to support its next phase of growth, deepen our presence in dermocosmetics and continue investing behind the science, innovation and brand strength that have made Isdin successful. This fully aligned with our long-term ambition to build a stronger presence in skin care and create value for all our stakeholders.”

“Isdin is the result of an exceptional partnership between two families that shared an ambition to improve skin health through science and innovation,” said Albert Esteve, chairman of the board of CQFE. “We are proud of everything that has been built together over 50 years. This agreement has been reached with the full confidence of Isdin’s future under Puig’s leadership and in CQFE’s commitment to preserve and develop its pharmaceutical and DMDO industrial legacy.”

Isdin will continue to operate as usual under existing governance structure.

Puig posted net sales of 5.04 billion euros in 2025. Its brands include Rabanne, Carolina Herrera, Charlotte Tilbury, Jean Paul Gaultier, Nina Ricci, Dries Van Noten, Byredo, Penhaligon’s, L’Artisan Parfumeur, Euriage, Apivita, Dr. Barbara Sturm, Kama Ayurveda and Loto del Sol. Puig also has beauty licenses with Christian Louboutin, Banderas and Adolfo Dominguez, among others.