JPMorgan is structuring a $5.9bn financing package for Estée Lauder, as the cosmetics group advances discussions over a potential tie-up with Puig Brands, the Expansión reported.

The bank is coordinating talks with lenders to assemble funding for a cash-and-stock transaction, which could underpin one of the largest deals in the global beauty sector.

The proposed combination would bring together two major industry players, creating a scaled platform capable of competing more directly with global leaders such as L’Oréal.

Estée Lauder and Puig, both family-influenced businesses, confirmed last month that they were in discussions regarding a potential merger, although financial terms have not been disclosed.

The combined group would integrate a portfolio of premium brands, including MAC, Le Labo, Charlotte Tilbury, and Byredo, strengthening its position across luxury beauty categories.

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