Kimberly-Clark to Acquire Kenvue in $48.7 Billion Deal

Kimberly-Clark Corporation has struck a deal to acquire Kenvue Inc. for approximately $48.7 billion. The acquisition is expected to create a powerhouse of complementary consumer products, including 10 billion-dollar brands. The combined entity will focus on leveraging its commercial engine, strategic partnerships, industry-leading science and innovation, digital model, marketing, and operational excellence to cater to consumers' evolving needs.

The transaction is projected to generate approximately $2.1 billion in run-rate synergies and is likely to be accretive to Kimberly-Clark's adjusted EPS by year 2. The deal will see Kenvue shareholders receiving $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. The agreement has been unanimously approved by the boards of both companies and is expected to close in the second half of 2026, subject to regulatory and shareholder approvals. Upon closure, Kimberly-Clark shareholders are anticipated to own about 54% of the combined company, while Kenvue shareholders are expected to hold approximately 46%.

The combined entity will retain its headquarters in Irving, Texas, and maintain a significant presence in Kenvue's locations. Kimberly-Clark and Kenvue will host a joint investor conference call today to discuss the transaction. The acquisition's financial advisors are PJT Partners LP and J.P. Morgan Securities LLC for Kimberly-Clark, and Centerview Partners LLC and Goldman Sachs & Co. LLC for Kenvue.