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11h ago

Kimberly-Clark to Acquire Kenvue in $40 Billion Cash-and-Stock Deal

Attention now shifts to regulatory scrutiny of Tylenol’s profile.

FILE - Tylenol pain relief products are shown on a store shelf in Carmel, Ind., Sept. 23, 2025. (AP Photo/Michael Conroy, file)
The company logo for Kenvue Inc. Johnson & Johnson's consumer-health business, is displayed on during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. REUTERS/Brendan McDermid
Tylenol's parent company Kenvue is being acquired by Kimberly-Clark. (Photo Illustration by Justin Sullivan/Getty Images)
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Overview

  • Kenvue shareholders will receive $3.50 in cash plus 0.14625 Kimberly-Clark shares per Kenvue share, implying $21.01 based on Kimberly-Clark’s prior close.
  • The companies put the enterprise value at about $48.7 billion, with current Kimberly-Clark holders set to own roughly 54 percent of the combined company.
  • Shares moved on the announcement, with Kimberly-Clark down about 8 percent in premarket trading and Kenvue up about 18 percent.
  • Kenvue brings brands including Tylenol, Neutrogena, Listerine, Benadryl and Band-Aid, after a post-spinoff stretch marked by weak results, activist pressure and a CEO ouster in July.
  • Political risk features in the outlook after President Trump warned against Tylenol in pregnancy, a claim Kenvue says lacks scientific support, and sources report Kimberly-Clark is weighing divestitures in response to demand concerns and the controversy.