Kimberly-Clark Corporation, a global personal care leader, has announced an agreement to acquire Kenvue Inc., a global consumer health company, in a cash and stock transaction that values Kenvue at approximately $48.7 billion (€45.5 billion).
The deal combines two iconic American companies to create a global health and wellness leader with complementary consumer offerings, including ten billion-dollar brands.
Under the terms of the agreement, Kenvue shareholders will receive $3.50 per share (€3.27) in cash, plus 0.14625 Kimberly-Clark shares for each Kenvue share, representing a total consideration of $21.01 (€19.65) per share based on Kimberly-Clark’s closing stock price on 31 October 2025.
Upon completion, Kimberly-Clark shareholders are expected to own approximately 54% of the combined company, with Kenvue shareholders holding around 46%.
The acquisition is expected to generate significant financial and strategic benefits. The combined company will have projected 2025 annual net revenues of $32 billion (€29.8 billion) and approximately $7 billion (€6.5 billion) in adjusted EBITDA.
Total anticipated synergies are valued at $2.1 billion (€1.95 billion), with cost and revenue synergies expected to materialise over the first four years post-closing.
Mike Hsu, Kimberly-Clark Chairman and CEO, said: “We are excited to bring together two iconic companies to create a global health and wellness leader. Kenvue is uniquely positioned at the intersection of consumer packaged goods and healthcare, with exceptional talent and a differentiated brand portfolio serving attractive consumer health categories. Together, we will deliver extraordinary care to billions of consumers across every stage of life.”
Larry Merlo, Kenvue Chair, added: “Following a thorough review of strategic options, we are pleased to reach this agreement with Kimberly-Clark, providing significant upfront value for our shareholders and strong potential for future growth. This combination positions us as a uniquely strong global leader in consumer health with exciting opportunities ahead.”
The deal is expected to close in the second half of 2026, subject to shareholder and regulatory approvals and customary closing conditions.
Kimberly-Clark will fund the cash component through a combination of balance sheet cash, proceeds from new debt issuance, and funds from the previously announced sale of a 51% interest in its International Family Care and Professional business.
Mike Hsu will serve as Chairman and CEO of the combined company.
Three Kenvue board members will join the Kimberly-Clark board, and the headquarters will remain in Irving, Texas, with a significant presence maintained at Kenvue locations.
Kimberly-Clark to acquire Kenvue
