Kimberly-Clark to Acquire Kenvue in US$48.7 Billion Merger

Kimberly-Clark Corporation will acquire all outstanding shares of Kenvue Inc. in a cash and stock transaction valuing the consumer health company at about US$48.7 billion. The deal, based on Kimberly-Clark’s closing price on Oct. 31, 2025, marks one of the largest combinations in the personal care and health products sectors.

“Kenvue is uniquely positioned at the intersection of consumer packaged goods and healthcare,” says Mike Hsu, Chairman and CEO, Kimberly-Clark. “With shared commitments to science and innovation, we will serve billions of consumers across every stage of life.”

The merger will bring together two established US companies with portfolios that include US$10 billion brands. Together, the companies aim to reach nearly half of the world’s population across multiple life stages, strengthening their presence in the global health and wellness market.

“We aim to empower people to make informed decisions about their well-being. Through our iconic brands, which are scientifically sound and professionally endorsed, we are working to raise self-care standards and improve the health and well-being of the communities we serve,” says Lina María Toro, Managing Director North Latin America, Kenvue, to MBN.

The transaction follows a comprehensive review of strategic alternatives and delivers significant upfront value to shareholders, says Larry Merlo, Chair of the Board, Kenvue. The combined entity will operate as a global health and wellness leader with an expanded product range and increased reach across key markets. Kimberly-Clark plans to leverage its commercial model and marketing capabilities alongside Kenvue’s science-backed innovation and professional healthcare networks.

Kenvue’s announcement follows the release of its 3Q25 results, in which the company reported a 3.5% year-over-year decline in net sales, mainly driven by lower volumes and shipment timing adjustments. Despite this, gross profit margins improved to 59.1% from 58.5%, supported by productivity gains and supply chain optimization. 

According to Kimberly-Clark, the merged company is projected to generate about US$32 billion in annual net revenue and about US$7 billion in adjusted EBITDA by 2025. The companies expect to achieve roughly US$1.9 billion in cost synergies and US$500 million in incremental profit from revenue synergies, offset by US$300 million in reinvestment. Most cost synergies are expected within three years of closing, with revenue synergies realized within four years.

Kimberly-Clark expects to invest US$2.5 billion in integration costs over the first two years following the close of the transaction, which remains subject to customary regulatory approvals. The company said it will maintain a strong credit profile and financial flexibility to support future growth.