Kimberly-Clark Corporation will acquire all outstanding shares of Kenvue Inc. in a cash and stock transaction valued at $48.7 billion, creating a combined company with projected annual net revenues of approximately $32 billion. The deal, unanimously approved by both companies' boards, brings together 10 billion-dollar brands and is expected to generate $2.1 billion in annual run-rate synergies. The acquisition was announced jointly by both companies.
Kenvue shareholders will receive $3.50 per share in cash plus 0.14625 Kimberly-Clark shares for each Kenvue share held, valuing Kenvue at $21.01 per share based on Kimberly-Clark's closing price on October 31, 2025. Upon closing, current Kimberly-Clark shareholders will own approximately 54% of the combined company, with Kenvue shareholders owning approximately 46%. The transaction is expected to close in the second half of 2026, pending shareholder and regulatory approvals.
The combined company will be led by Kimberly-Clark Chairman and CEO Mike Hsu and will maintain its headquarters in Irving, Texas. Kimberly-Clark has secured committed financing from JPMorgan Chase Bank to fund the cash portion of the transaction. The company expects the acquisition to be accretive to its adjusted earnings per share by the second year following completion.
