Kimberly-Clark Corporation (KMB) entered a merger agreement on November 3, 2025, to acquire Kenvue Inc. (KVUE) in a cash and stock deal valued at $48.7 billion.
Kenvue shareholders will receive $3.5 per share in cash as well as 0.14625 Kimberly-Clark shares for each Kenvue share held, for a total consideration to Kenvue shareholders of $21.01 per share. This represents a premium of 46.21% from the stock’s last close.
Kenvue is the world’s largest pure-play consumer health company, offering brands like Tylenol, Neutrogena, Listerine, Aveeno, and Band-Aid across self-care, skin health, beauty, and essential health categories.
Kimberly-Clark is a global personal care and consumer tissue company that manufactures brands like Huggies, Kleenex, Kotex, and Cottonelle, providing essential products that improve the health, hygiene, and well-being of people in over 175 countries.
In March, Bloomberg reported that activist investor TOMS Capital Investment Management amassed a stake in Kenvue. The stock was trading at $23.31 when the hedge fund urged Kenvue to consider a full sale or separation of some assets.
Existing Kimberly-Clark shareholders are expected to own approximately 54% of the combined company, while Kenvue shareholders are expected to own the remaining 46%.
Kimberly-Clark has secured financing from JPMorgan and plans to pay the cash portion of the deal using a mix of its existing cash, new debt, and proceeds from the sale of a 51% stake in its International Family Care and Professional (IFP) business.
The deal is expected to close in the second half of 2026.
Kimberly-Clark CEO Mike Hsu will serve as the CEO of the combined company. Three members of Kenvue’s Board will join the Kimberly-Clark Board. The combined company will retain Kimberly-Clark’s headquarters in Irving, Texas, while maintaining a strong presence at Kenvue’s key locations.
Kenvue is being advised by Centerview Partners and Goldman Sachs on financial matters, with legal counsel from Cravath, Swaine & Moore. Kimberly-Clark is receiving financial advice from PJT Partners and J.P. Morgan Securities, and legal counsel from Kirkland & Ellis, Gibson Dunn & Crutcher, and Arnold & Porter Kaye Scholer.
Kimberly-Clark is acquiring Kenvue at 10.9 times EBITDA.
For a more in-depth look at this merger, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Kenvue Inc. (KVUE) by Kimberly-Clark Corporation (KMB)
The comprehensive Deal Metrics page includes:
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Editor’s Note: Baranjot Kaur contributed to this article