Kimberly-Clark Completes $48.7 Billion Acquisition of Kenvue

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Kimberly-Clark completed its acquisition of Kenvue on Monday, November 2, closing a deal with an enterprise value of $48.7 billion that was first announced on November 3, 2025, according to Kimberly-Clark’s company press release via PR Newswire. Kenvue shareholders receive $3.50 in cash and 0.14625 shares of Kimberly-Clark common stock for each Kenvue share they held, and Kimberly-Clark issued approximately 281.1 million shares in the transaction. Shares of Kenvue, which traded on the New York Stock Exchange under the symbol KVUE, ceased trading at the market opening on November 2, and Kenvue now operates as part of Kimberly-Clark.

The combination creates what the company called the preeminent global consumer health and wellness leader, uniting a portfolio that now includes 10 billion-dollar brands: Huggies, Listerine, Cottonelle, Neutrogena, Depend, Tylenol, Kleenex, Johnson’s Baby, Kotex and Scott. “Today marks a defining moment in Kimberly-Clark’s 154-year history as we welcome Kenvue and hit the ground running as one company,” Chairman and Chief Executive Officer Mike Hsu said in the release. For shoppers, the change is one of ownership rather than shelf presence: the Kenvue brands, which include Tylenol, Neutrogena, Listerine and Band-Aid products, continue under the combined company alongside Kimberly-Clark’s personal care lines.

Kimberly-Clark reiterated that it expects approximately $2.1 billion in annual run-rate synergies from the deal. That figure consists of approximately $1.9 billion in cost synergies, which the company expects to capture in the first three years after closing, and approximately $500 million in incremental profit from revenue synergies, partly offset by approximately $300 million of reinvestment, captured within four years of closing. The company said it has substantially built its pipeline of cost and revenue initiatives as part of its integration plan, and that its Powering Care growth engine and operating model will now be applied across the Kenvue portfolio.

The combined company will operate in four segments, the release said. North America will generate approximately $18.0 billion in annual sales, Europe, the Middle East and Africa approximately $5.0 billion, and both Asia Pacific Focus Markets and Enterprise Markets approximately $4.3 billion each. Those segment figures are based on the combined net sales of the two companies for fiscal 2025, recast for the new structure, and the company noted they are management estimates provided for illustration rather than pro forma financial statements prepared under Regulation S-X. Three Kenvue directors, Richard E. Allison Jr., Larry J. Merlo and Kirk L. Perry, have joined Kimberly-Clark’s board, which now has 13 directors, while Mae C. Jemison, Christa S. Quarles and Jaime A. Ramirez stepped down at closing. Readers can follow further integration developments on our Corporate America desk.

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