Kimberly-Clark acquires Kenvue for USD 48.7 billion to strengthen its leadership in personal care and health

Kimberly-Clark Corporation, a global leader in personal care, announced the acquisition of all outstanding shares of Kenvue Inc. (NYSE: KVUE) in an all-cash and stock transaction valued at approximately $48.7 billion, based on Kimberly-Clark’s closing price on October 31, 2025. The deal represents an acquisition multiple of 14.3 times Kenvue’s last twelve months (LTM) adjusted EBITDA, or 8.8 times including expected synergies of $2.1 billion net of reinvestment.

The transaction unites both companies to create a portfolio of complementary products, including ten multi-billion-dollar brands reaching nearly half of the world’s population. The combined company will leverage global teams, strategic partnerships, innovation, leading marketing, and operational excellence to maximize the merger’s potential and meet evolving consumer needs.

Mike Hsu, Chairman and CEO of Kimberly-Clark, stated that the merger will create a global leader in health and wellness, focusing on science, technology, and serving consumers at all life stages. Hsu added that the transaction represents a key step in Kimberly-Clark’s strategic transformation toward higher-growth, higher-margin businesses.

 

Larry Merlo, Chair of Kenvue’s Board, emphasized that the deal provides immediate shareholder value and significant growth potential. Kirk Perry, CEO of Kenvue, said that combining portfolios will accelerate innovation, consolidate leadership, and generate value for shareholders, employees, and consumers.

The combined company is projected to generate approximately $32 billion in net sales and $7 billion in adjusted EBITDA in 2025. Kenvue shareholders will receive $3.50 per share in cash plus 0.14625 Kimberly-Clark shares, representing $21.01 per share based on October 31, 2025 closing price. Post-closing, Kimberly-Clark shareholders are expected to own 54% and Kenvue shareholders 46% of the combined company.

The transaction, subject to shareholder and regulatory approvals, is expected to close in the second half of 2026. Mike Hsu will lead the merged company, and three Kenvue Board members will join Kimberly-Clark’s Board. Headquarters will remain in Irving, Texas, maintaining a Kenvue presence.