USA | Kimberly-Clark Corporation and Kenvue Inc. announced an agreement under which Kimberly-Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction.
This transaction has brought together two iconic American companies to create a combined portfolio of complementary products, including 10 billion-dollar brands, that touch nearly half the global population through every stage of life.
The combined company, with teams of talented people around the globe, will harness a superior commercial engine to unlock the full potential of the combination and better meet consumers' evolving needs.
"We are excited to bring together two iconic companies to create a global health and wellness leader," said Mike Hsu, Kimberly-Clark Chairman and Chief Executive Officer.
"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 advancing science and technology to deliver extraordinary care, we will serve billions of consumers at every stage of life.”
Over the last several years, Kimberly-Clark has undertaken a significant transformation, pivoting its portfolio toward higher-growth, higher-margin businesses while rewiring the organisation to work smarter and faster.
“We have built the foundation, and this transaction is a powerful next step in our journey. We look forward to working with the Kenvue team to bring these companies together, and are confident that we will drive significant value for our combined shareholders.”
Larry Merlo, Kenvue Chair of the Board, added that following the Board's comprehensive review of strategic alternatives for Kenvue, Kenvue was pleased to have reached this agreement with Kimberly-Clark that delivers significant upfront value for its shareholders and substantial upside potential through ownership in the combined company.
“Bringing together Kenvue and Kimberly-Clark creates a uniquely positioned global leader in consumer health with a broader range of new growth opportunities ahead. We are excited about this next chapter for Kenvue and confident this combination represents the best path forward for our shareholders and all other stakeholders,” said Merlo.
The transaction is expected to close in the second half of 2026, subject to the receipt of Kenvue and Kimberly-Clark shareholder approvals, regulatory approvals and satisfaction of other customary closing conditions.
As part of Kimberly-Clark's evaluation of this transaction, the Company carefully considered all risks and opportunities, working with some of the world's foremost scientific, regulatory, legal and other experts.
Mike Hsu will be the Chairman and CEO of the combined company. At closing, three members of the Kenvue Board will join the Kimberly-Clark Board. The combined company will maintain Kimberly-Clark's headquarters in Irving, Texas and continue to have a significant presence in Kenvue's locations.
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