Kimberly‑Clark to Buy Kenvue for $48.7B

Kimberly‑Clark will acquire Kenvue in a cash-and-stock transaction that values Kenvue at about $21.01 per share and roughly $48.7 billion including debt (about $40.3 billion of equity), with Kenvue shareholders receiving $3.50 in cash plus 0.15 Kimberly‑Clark shares. The combined company is expected to generate about $32 billion in annual sales and roughly $7 billion of adjusted EBITDA, and management projects about $2.1 billion of run‑rate synergies; Kimberly‑Clark shareholders will own roughly 54% of the combined company. The deal will be financed in part with committed financing and requires regulatory and shareholder approvals, with the companies targeting a close in the second half of 2026. Markets reacted with Kenvue shares jumping roughly 15–19% and Kimberly‑Clark shares falling about 10–15%. The acquisition brings together household and consumer-health brands including Huggies, Kleenex, Tylenol, Band‑Aid, Neutrogena and Listerine amid political and legal scrutiny over Tylenol following public comments and state lawsuits.