B1 · IntermediateAdapted from ElDiario.es

Puig Buys Isdin in €1.2 Billion Deal

Puig compra Isdin: una operación de 1.200 millones

Sep 15, 20261 min readGraded Spanish · word-by-word audio

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La empresa de fragancias y cosmética Puig ha llegado a un acuerdo para comprar el 50 % de la firma dermocosmética Isdin a Esteve. El precio de la operación es de 1.200 millones de euros.

Según el comunicado enviado a la Comisión Nacional del Mercado de Valores (CNMV), el pago se divide en dos partes. Por un lado, 900 millones de euros en efectivo, que se pagarán en la fecha de cierre de la operación. Por otro lado, 300 millones de euros como pago diferido fijo sin intereses, que se abonarán en el primer trimestre de 2029.

Puig financiará esta adquisición con una combinación de recursos propios y deuda financiera. La empresa espera que la operación se complete a finales del primer trimestre de 2027. Sin embargo, esto depende de obtener las autorizaciones regulatorias necesarias en materia de competencia.

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Watch out, English speaker

Spanish future tense (futuro simple) is not the same as the English 'will' future. English often uses 'will' for predictions, promises, and spontaneous decisions, but Spanish futuro simple is more formal and frequently implies obligation or probability. For example, 'financiará' can mean 'will finance' but in news contexts it often reads as 'is to finance' or 'will be financing'. Also, English uses 'going to' for plans, but Spanish futuro simple is common in written announcements. Spanish 'esperar que' + subjunctive is a classic trap for English speakers. In English, 'expect that' takes a regular indicative verb: 'The company expects that the deal will be completed.' But in Spanish, 'esperar que' triggers the subjunctive: 'espera que la operación se complete.' English speakers often mistakenly use the indicative 'se completa' because they translate 'will be completed' literally. Remember: 'esperar que' always requires subjunctive, even when referring to future events.

Key vocabulary

fraganciaf.
fragrance, scent
“Puig es una empresa de fragancias y cosmética.”— Puig is a fragrance and cosmetics company.
Pattern fragancia floral floral scent
Compare perfume perfume
plural fragancias
💡 From Latin fragrantia, cognate with English fragrance.
dermocosméticoadj.
dermocosmetic
“Isdin es una firma dermocosmética.”— Isdin is a dermocosmetic brand.
Pattern firma dermocosmética dermocosmetic company
Compare cosmético cosmetic
feminine dermocosmética, plural dermocosméticos
💡 The root dermo- means skin, cosmético means cosmetic.
adquisiciónf.
acquisition, purchase
“Puig financiará esta adquisición con recursos propios.”— Puig will finance this acquisition with its own resources.
Pattern adquisición de una empresa acquisition of a company
Compare compra purchase
plural adquisiciones
💡 From Latin acquisitio, the verb is adquirir.
efectivom.
cash
“900 millones de euros se pagarán en efectivo.”— 900 million euros will be paid in cash.
Pattern en efectivo in cash
Compare dinero en metálico cash
plural efectivos
💡 The adjective efectivo means effective; as a noun it means cash.
diferidoadj.
deferred, delayed
“300 millones se abonarán como pago diferido.”— 300 million will be paid as deferred payment.
Pattern pago diferido deferred payment
Compare aplazado deferred
feminine diferida, plural diferidos
💡 The verb diferir means to postpone; past participle diferido.
trimestrem.
quarter (of a year)
“La operación se completará en el primer trimestre de 2027.”— The deal will be completed in the first quarter of 2027.
Pattern primer trimestre first quarter
Compare cuarto de año quarter
plural trimestres
💡 tri- means three, -mestre means month; three months make a quarter.
regulatorioadj.
regulatory
“Se necesitan autorizaciones regulatorias en materia de competencia.”— Regulatory authorizations in competition matters are required.
Pattern autorización regulatoria regulatory approval
Compare normativo regulatory
feminine regulatoria, plural regulatorios
💡 From regulación (regulation), root regular.
competenciaf.
competition; jurisdiction
“La operación depende de las autorizaciones en materia de competencia.”— The deal depends on authorizations regarding competition.
Pattern en materia de competencia in terms of competition
Compare rivalidad competition
plural competencias
💡 Note: competencia can also mean ability or jurisdiction; determine from context.

Grammar spotlight

Future tense (futuro simple) for future actions

Spanish uses the simple future to talk about actions that will happen in the future. For regular verbs, add the endings -é, -ás, -á, -emos, -éis, -án to the infinitive. In this article, financiará (will finance), se pagarán (will be paid), and se abonarán (will be paid) are all in the future tense.

“Puig financiará esta adquisición con una combinación de recursos propios y deuda financiera.”— Puig will finance this acquisition with a combination of its own resources and financial debt.

⚠️ Don't confuse the simple future with the near future (ir a + infinitive), which is more colloquial.

esperar que + subjunctive

When esperar means 'to expect' or 'to hope' and introduces a subordinate clause, the verb in that clause must be in the subjunctive. In this article, espera que la operación se complete uses the subjunctive form se complete.

“La empresa espera que la operación se complete a finales del primer trimestre de 2027.”— The company expects the transaction to be completed at the end of the first quarter of 2027.

⚠️ Don't use the indicative, as in espera que se completa; that is incorrect.

Sentence patterns to steal

La empresa de fragancias y cosmética Puig ha llegado a un acuerdo para comprar el 50 % de la firma dermocosmética Isdin a Esteve.
The fragrance and cosmetics company Puig has reached an agreement to buy 50% of the dermocosmetics firm Isdin from Esteve.
llegar a un acuerdo para + infinitiveYou can replace the subject and verb, e.g., Han llegado a un acuerdo para vender... (They have reached an agreement to sell...)
Con esta compra, Puig pasa a controlar el 100 % del capital social de Isdin.
With this purchase, Puig will control 100% of Isdin's share capital.
Con + noun, + subject + pasar a + infinitiveYou can replace the noun and verb, e.g., Con este cambio, la empresa pasa a liderar el mercado. (With this change, the company goes on to lead the market.)
Puig financiará esta adquisición con una combinación de recursos propios y deuda financiera.
Puig will finance this acquisition with a combination of its own resources and financial debt.
financiar + noun + con + nounYou can replace the financing method and the object, e.g., financiar el proyecto con fondos públicos (to finance the project with public funds)
La empresa espera que la operación se complete a finales del primer trimestre de 2027.
The company expects the transaction to be completed at the end of the first quarter of 2027.
esperar que + subjunctiveYou can replace the content of the subordinate clause, e.g., Espero que vengas pronto. (I hope you come soon.)
Sin embargo, esto depende de obtener las autorizaciones regulatorias necesarias en materia de competencia.
However, this depends on obtaining the necessary regulatory approvals in the area of competition.
depender de + infinitive/nounYou can replace what is depended on, e.g., Depende de ti. (It depends on you.)

CNMV: Spain's securities market regulator

The CNMV (Comisión Nacional del Mercado de Valores) is Spain's National Securities Market Commission. It oversees and ensures the transparency and proper functioning of the Spanish stock market. When listed companies carry out major transactions, they must submit announcements to the CNMV in order to protect investors' interests.

Source: Wikipedia: Comisión Nacional del Mercado de Valores

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