Kimberly-Clark to Acquire Kenvue for $48.7 Billion in Major Consumer Health Merger

Kimberly-Clark Corporation, renowned for brands like Huggies and Kleenex, announced on November 3, 2025, its agreement to acquire Kenvue Inc., the maker of Tylenol and Band-Aid, in a cash and stock transaction valued at approximately $48.7 billion. This strategic move aims to create a global health and wellness leader with a combined portfolio of complementary products.

The acquisition is expected to generate annual net revenues exceeding $32 billion and achieve run-rate synergies of $2.1 billion. The transaction is anticipated to close in the second half of 2026, pending shareholder and regulatory approvals.

Under the terms of the agreement, Kenvue shareholders will receive $3.50 per share in cash and 0.14625 shares of Kimberly-Clark for each Kenvue share held, totaling $21.01 per share based on Kimberly-Clark's closing price on October 31, 2025. Upon completion, Kimberly-Clark shareholders will own approximately 54% of the combined company, with Kenvue shareholders owning the remaining 46%.

Mike Hsu, Kimberly-Clark's Chairman and Chief Executive Officer, will lead the combined entity. The headquarters will remain in Irving, Texas, while maintaining a significant presence in Kenvue's current locations.

Kenvue, spun off from Johnson & Johnson in 2023, has faced legal challenges, including lawsuits alleging a link between Tylenol use during pregnancy and autism in children. In October 2025, Texas Attorney General Ken Paxton filed a lawsuit against Kenvue and Johnson & Johnson, claiming they concealed information about Tylenol's potential risks. Kenvue maintains that acetaminophen is safe and not linked to autism, a stance supported by current scientific consensus.

The acquisition is expected to create one of the largest consumer health companies globally, positioned to compete directly with industry giants such as Procter & Gamble and Unilever. The combined company's diverse product portfolio and expanded market reach are anticipated to drive significant growth and shareholder value.

The transaction is subject to shareholder and regulatory approvals and is expected to close in the second half of 2026.