Kimberly-Clark to acquire Kenvue in USD 48.7B deal
This move strengthens the combined company’s marketing, innovation, and research and development capabilities, ensuring it remains a best-in-class, consumer-driven company.
USA – Kimberly-Clark Corporation has announced a landmark agreement to acquire all outstanding shares of Kenvue Inc. in a major cash and stock deal valued at approximately USD 48.7 billion, based on Kimberly-Clark’s share price on October 31, 2025.
The acquisition price equates to an enterprise value multiple of about 14.3 times Kenvue’s last twelve months (LTM) adjusted EBITDA, or around 8.8 times when factoring in expected run-rate synergies of USD 2.1 billion after reinvestment.
This strategic combination is set to create a global health and wellness leader with anticipated annual net revenues of about USD 32 billion and adjusted EBITDA of about USD 7 billion.
Mike Hsu, Kimberly-Clark Chairman and Chief Executive Officer, stated, “Kenvue is uniquely positioned at the intersection of CPG and healthcare, with exceptional talent and a differentiated brand offering serving attractive consumer health categories.”
“With a shared commitment to developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life.”
The deal brings together two highly complementary portfolios comprising iconic household brands, including ten that each generate over a billion dollars in sales.
Kenvue’s strong consumer health products, backed by robust scientific innovation and a talented team, will be accelerated within Kimberly-Clark’s proven commercial framework.
This merger is expected to generate USD 2.1 billion in annual synergies, which will enhance Kimberly-Clark’s adjusted earnings per share by the second year post-closing.
Shareholders of Kenvue will receive USD 3.50 in cash plus 0.14625 Kimberly-Clark shares for each Kenvue share held, amounting to a total consideration of USD 21.01 per share.
Following the transaction, Kimberly-Clark shareholders will own approximately 54% of the new combined entity, while Kenvue shareholders will hold the remaining 46%.
The deal is anticipated to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.
This acquisition is positioned to significantly enhance Kimberly-Clark’s market presence across multiple health and wellness categories, offering preferred solutions for consumers at every stage of life.
Mike Hsu is set to serve as the Chairman and CEO of the newly combined company following the acquisition.
Upon closing, three members of the Kenvue Board will join the Kimberly-Clark Board.
The merged company will keep Kimberly-Clark’s headquarters in Irving, Texas, while also maintaining a strong operational presence in Kenvue’s existing locations.
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