Kimberly-Clark to acquire Tylenol maker Kenvue in $48.7 billion deal

Kimberly-Clark on Monday said it is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, combining the Huggies manufacturer with the owner of Aveeno and Band-Aid.

Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. That amounts to $21.01 per share, based on the closing price of Kimberly-Clark shares on Friday.

Kimberly-Clark shareholders are expected to own about 54% of the combined company. Kenvue shareholders will own about 46%.

The combination merges two businesses that own a number of major consumer health brands, such as Kimberly-Clark’s Kleenex and Scott lines and Kenvue’s Band-Aid, Benadryl, Listerine and Neutrogena products.

“We will serve billions of consumers across every stage of life,” Kimberly-Clark CEO Mike Hsu said in a statement. He will serve as chairman and chief executive of the combined company.

Recently, Kenvue’s Tylenol has drawn headlines after President Trump announced the Food and Drug Administration believes the use of the pain medication’s active ingredient, acetaminophen, during pregnancy can be associated with an increased risk of autism. Medical experts and Kenvue say Tylenol is safe.

The deal is expected to close in the second half of next year. It still needs approval from shareholders of both companies.

Kenvue said in July that CEO Thibaut Mongon was leaving as part of a strategic review of the company’s business. Board member Kirk Perry is serving as interim CEO.

The combined company will keep Kimberly-Clark’s headquarters in Irving, Texas, and continue to have a significant presence in Kenvue’s locations.

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