Kimberly-Clark Corporation and Kenvue Inc. have announced a definitive agreement under which Kimberly-Clark will acquire all outstanding shares of Kenvue in a cash-and-stock transaction valued at approximately $48.7 billion.
The deal, approved by both boards, will combine two consumer-product powerhouses to form a $32 billion global health and wellness leader.
Under the terms of the agreement, Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held. Upon closing, expected in the second half of 2026, Kimberly-Clark shareholders will own about 54 percent of the combined company, while Kenvue shareholders will hold 46 percent.
Creating a Global Consumer Health Leader
The transaction brings together complementary product portfolios and 10 billion-dollar brands—including Huggies, Kleenex, Tylenol, and Neutrogena—serving consumers in more than 175 countries. The combined company aims to strengthen its position across personal care, household, and over-the-counter health categories.
“We are excited to bring together two iconic companies to create a global health and wellness leader,” said Mike Hsu, Chairman and CEO of Kimberly-Clark. “Kenvue is uniquely positioned at the intersection of consumer goods and healthcare, and this transaction is a powerful next step in our transformation journey.”
Kenvue Chair Larry Merlo described the agreement as “the best path forward” for Kenvue’s shareholders, adding that the combination “creates a uniquely positioned global leader in consumer health with a broader range of growth opportunities.”
Financial and Strategic Impact
The combined company is expected to generate about $7 billion in adjusted EBITDA and $2.1 billion in annual run-rate synergies by year two, including cost savings and revenue growth initiatives. Kimberly-Clark plans to fund the cash portion of the transaction through a mix of existing cash, new debt, and proceeds from the planned sale of a 51 percent stake in its International Family Care and Professional business.
The headquarters will remain in Irving, Texas, with continued operations in Kenvue’s key locations. Mike Hsu will serve as Chairman and CEO of the combined company, and three Kenvue board members will join the Kimberly-Clark Board following the merger.
The transaction remains subject to regulatory and shareholder approvals and other customary closing conditions.
About Kimberly-Clark
Kimberly-Clark is a global manufacturer of personal care and consumer tissue products sold in more than 175 countries. Its well-known brands include Huggies, Kleenex, Scott, and Kotex.
About Kenvue
Kenvue Inc. is a leading global consumer health company whose portfolio includes Tylenol, Neutrogena, Listerine, and Aveeno.
