Kimberly-Clark buys Tylenol-maker Kenvue in $48.7 billion deal

Kimberly-Clark is making a big move with a nearly $50 billion deal.

The North Texas company plans to acquire Kenvue Inc., a personal care product provider with brands like Tylenol, in a deal that values the target at about $48.7 billion, according to a statement on Monday. The cash and stock transaction is expected to close in the second half of 2026.

The company will maintain Kimberly-Clark’s headquarters in Irving, and Hsu will be the chairman and CEO, according to the statement.

The deal creates a bigger player in the health space and expands Kimberly-Clark’s reach into the consumer space with the combined company’s $10 billion brands.

Kimberly-Clark’s lineup includes Huggies, Kleenex and Kotex while Kenvue covers names such as Aveeno, Band-Aid, Listerine and Neutrogena. The deal will bring together products “that touch nearly half the global population through every stage of life,” the statement said.

“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,” Mike Hsu, Kimberly-Clark CEO, said in the statement. “We have built the foundation and this transaction is a powerful next step in our journey.”

The combined businesses would generate 2025 annual net revenue of about $32 billion and approximately $7 billion of adjusted EBITDA.

As part of the transaction, Kimberly-Clark has received committed financing from JPMorgan Chase Bank and intends to fund the cash component of the transaction consideration through a combination of cash from its balance sheet, proceeds from new debt issuance and proceeds from the previously announced sale of a 51% interest in its International Family Care and Professional business.