Puig Brands SA agreed to buy the 50% of Isdin SA it didn’t already own for €1.2 billion ($1.4 billion), giving it full control of the skincare brand. The Barcelona-based fragrance company will pay €900 million to Corporación Químico-Farmacéutica Esteve SA when the deal closes, followed by another €300 million in the first quarter of 2029, according to a regulatory filing on Monday.

Isdin, which sells sun creams, lotions and skin treatments, was founded in 1975 as a joint venture between the Puig and Esteve families. Isdin gives Puig, which listed on the Spanish stock exchange in 2024, a bigger presence in skincare. Isdin’s flagship brand is Uriage, and it also owns smaller names including Apivita, Kama Ayurveda, Loto del Sur and Dr. Barbara Sturm. Puig’s beauty brand, Charlotte Tilbury, also has a skincare line.

Skincare has been the smallest part of Puig’s business, accounting for just 11% of the group’s €5.2 billion of revenue in 2025. Fragrances and fashion are by far Puig’s biggest source of revenue, with nearly three quarters of sales. Last year, Isdin posted slightly higher revenues of around €648 million, while Ebitda fell 27% due to higher costs. The company aims for €1 billion in sales by 2030.

Puig’s stock has slumped nearly 30% since the company’s listing two years ago as demand for perfumes waned following a pandemic-era boom. The shares have rebounded some this year, however, as first-half results beat market expectations. The company is set to present a new strategy in October. Earlier this year, Puig was in talks with Estée Lauder Cos. for a deal that would have created one of the world’s largest fragrance and skincare companies. The conversations fell through in May, sending Puig’s stock down the most on record.