Spanish beauty group Puig buys remaining ISDIN stake in €1.20 billion deal

By Mireia Merino

Sept 14 (Reuters) - Puig Brands said on Monday it had agreed to buy Esteve's 50% stake in ISDIN in a €1.20 billion ($1.41 billion) deal that gives the Spanish beauty group full ownership of the brand and strengthens its position in dermatology-linked skin care.

• Puig said in a filing that it will pay €900 million for the 50% stake when the deal closes, with the remaining €300 million deferred to the first quarter of 2029.

• Closing is expected by the end of the first quarter of 2027, pending regulatory approvals.

• Deal funded with Puig's own resources and debt.

• Net debt to adjusted earnings before interest, tax, depreciation and amortisation not to exceed two times.

• Deal boosts company's skin care exposure as fragrance demand normalises and Middle East travel retail remains under pressure.

(Reporting by Mireia Merino; Editing by Alexander Smith)