Kimberly-Clark to Acquire Kenvue for Combined Revenue of $32 Billion

Kimberly-Clark Corporation, a personal care manufacturer, and Kenvue Inc., a consumer health leader, have announced an agreement under which Kimberly-Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction. Based on current projections, the combined company would generate 2025 annual net revenues of approximately $32 billion and approximately $7 billion of adjusted EBITDA.

This transaction creates a combined portfolio of complementary products, including 10 billion-dollar brands, particularly Aveeno, Listerine and Neutrogena.

Kenvue has an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly-Clark common stock on October 31, 2025. The total consideration represents an acquisition multiple of approximately 14.3x Kenvue's LTM adjusted EBITDA or 8.8x including expected run-rate synergies of $2.1 billion, net of reinvestment.

Under the terms of the agreement, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly-Clark shares for each Kenvue share held at closing, for a total consideration to Kenvue shareholders of $21.01 per share. Upon closing, Kimberly-Clark shareholders are expected to own approximately 54% and Kenvue shareholders are expected to own approximately 46% of the combined company on a fully diluted basis.

The transaction is expected to close in the second half of 2026. 

Key Strategic Benefits 

• Serves consumers at every stage of life with iconic brands.
• Provides exceptional complementarity across categories and geographies to drive growth and address unmet consumer needs.
• Harnesses Kimberly-Clark's commercial activation engine and go-to-market playbook to accelerate growth.
• Applies Kenvue's strong science-backed innovation and healthcare professional network.
• Enhances investments in R&D, quality and innovation capabilities to further improve the lives of billions, every day. 

A New Leader in Global Health and Wellness

"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 developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life." 

Hsu continued, "Over the last several years, Kimberly-Clark has undertaken a significant transformation to pivot our portfolio to higher-growth, higher-margin businesses while rewiring our organization 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, "Following the board's comprehensive review of strategic alternatives for Kenvue, we are pleased to have reached this agreement with Kimberly-Clark that delivers significant upfront value for our 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."