Kimberly-Clark to Acquire Kenvue in $48.7B Deal, Creating Consumer Care Powerhouse
Consumer products company Kimberly-Clark Corporation announced it will acquire Tylenol maker Kenvue in a cash-and-stock transaction valuing the company at an enterprise value of approximately $48.7 billion, based on Kimberly-Clark’s closing share price on October 31, 2025. The offer provides Kenvue shareholders with $3.50 in cash plus 0.14625 shares of KMB for a total value of $21.01 per KVUE share, with the deal expected to close in the second half of 2026.
Upon completion, Kimberly-Clark shareholders will own roughly 54% of the combined company, while Kenvue shareholders will hold approximately 46%. The merger will bring together a portfolio of leading household and personal care brands, positioning the new entity as a consumer health and hygiene category leader.
The companies expect to achieve approximately $1.9 billion in cost synergies and about $500 million in incremental profit from revenue synergies, partially offset by $300 million in planned reinvestments. Cost synergies are anticipated within the first three years post-close, with revenue synergies expected within four years. The implied purchase price reflects a 14.3x multiple of Kenvue’s latest twelve-month adjusted EBITDA, or 8.8x including expected run-rate synergies of $2.1 billion net of reinvestment.
Kimberly-Clark has secured committed financing from JPMorgan Chase Bank, N.A. and plans to fund the cash portion of the deal through a mix of balance sheet cash, new debt issuance, and proceeds from the previously announced sale of a 51% stake in its International Family Care & Professional business.
Following closing, Mike Hsu will serve as Chairman and CEO of the combined company. Three Kenvue directors will join the Kimberly-Clark Board, and the company will retain Kimberly-Clark’s headquarters in Irving, Texas.
