BY Fraser Tennant
In a deal that creates a global health and wellness leader, multinational consumer goods and personal care corporation Kimberly-Clark is to acquire consumer health company Kenvue for $48.7bn.
Under the terms of the definitive agreement, 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.
This transaction brings together two iconic American companies to create a combined portfolio of complementary products, with trusted brands, including Huggies and Kleenex. With a broader product range and greater reach, the combined company will maximise both companies’ complementary strengths to accelerate global growth.
“We are excited to bring together two iconic companies to create a global health and wellness leader,” said Mike Hsu, chairman and chief executive of Kimberly-Clark. "Kenvue is uniquely positioned at the intersection of consumer packaged goods and healthcare, with exceptional talent and a differentiated brand offering serving attractive consumer health categories. With a shared commitment to developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life.”
The transaction has been unanimously approved by each company’s board of directors.
“We are pleased to have reached this agreement with Kimberly-Clark that delivers significant upfront value for our shareholders and substantial upside potential through ownership in the combined company,” said Larry Merlo, chair of the board at Kenvue. “Bringing together Kenvue and Kimberly-Clark creates a uniquely positioned global leader in consumer health with a broader range of new growth opportunities ahead.”
The transaction is expected to close in the second half of 2026, subject to the receipt of Kenvue and Kimberly-Clark shareholder approvals, regulatory approvals, and satisfaction of other customary closing conditions.
Mr Hsu concluded: “We look forward to working with the Kenvue team to bring our companies together, and are confident that we will drive significant value for our combined shareholders.”
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