Kimberly-Clark Corporation announced it will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction that values Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly-Clark common stock Oct. 31.
The transaction brings together two American companies to create a combined portfolio of complementary products, including 10 billion-dollar brands, that touch nearly half the global population. Kimberly Clark brands include:  brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise and Depend. Kenvue brands include Aveeno, BAND-AID Brand, Johnson’s, Listerine, Neutrogena and Tylenol.
“We are excited to bring together two iconic companies to create a global health and wellness leader,”  said Mike Hsu, Kimberly-Clark Chairman and Chief Executive Officer. “Over the last several years, Kimberly-Clark has undertaken a significant transformation to pivot our portfolio to higher-growth, higher-margin businesses while rewiring our organization to work smarter and faster.”
Larry Merlo, Kenvue chair of the board, said, “Bringing together Kenvue and Kimberly-Clark creates a uniquely positioned global leader in consumer health with a broader range of new growth opportunities ahead.”
Under the terms of the agreement, which has been unanimously approved by each company’s board of directors, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly-Clark shares for each Kenvue share held at closing, for a total consideration to Kenvue shareholders of $21.01 per share, based on the closing price of Kimberly-Clark shares as of Oct. 31. Upon closing of the transaction, current Kimberly-Clark shareholders are expected to own approximately 54% and current Kenvue shareholders are expected to own approximately 46% of the combined company on a fully diluted basis.
As part of the transaction, Kimberly-Clark has received committed financing from JPMorgan Chase Bank and intends to fund the cash component of the transaction consideration through a combination of cash from its balance sheet, proceeds from new debt issuance, and proceeds from the previously announced sale of a 51% interest in its International Family Care and Professional business.
The transaction is expected to close in the second half of 2026.
