Kenvue Inc.’s time as an independent company is coming to an early close. The maker of Neutrogena, Aveeno, OGX and Tylenol, which was spun off from Johnson & Johnson in 2023, will be acquired by Kimberly-Clark Corp. in a deal valued at $48.7 billion. The transaction, which is subject to regulatory approval, is expected to close in the second half of 2026.
“We are excited to bring together two iconic companies to create a global health and wellness leader,” said Mike Hsu, chairman and chief executive officer of Kimberly-Clark, which owns brands including Kleenex and Huggies. “Kenvue is uniquely positioned at the intersection of CPG and health care, 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.”
Larry Merlo, chair of Kenvue’s board, echoed the optimism, calling the deal “a uniquely positioned global leader in consumer health with a broader range of new growth opportunities ahead.” He added, “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.”
Following the announcement, Kenvue’s shares rose 14 percent, while Kimberly-Clark’s declined 13.9 percent. Analysts described the acquisition as a bold strategic move for Kimberly-Clark. “With this deal, Kenvue’s short journey as a stand-alone public company will come to an end, and Kimberly-Clark is making a bet that the Tylenol controversy will wane and it can steward a more diverse portfolio while realizing benefits of scale,” said Jon Andersen, an analyst at William Blair.
During a call with analysts, Hsu emphasized that Kimberly-Clark’s decision followed thorough due diligence. “We reviewed this transaction in the same way that we run the business—with incredible rigor, thoughtfulness and discipline,” he said. “The work affirms that this is a generational value creation opportunity for both companies.”
