Kimberly-Clark Corporation, a global leader in personal care, and Kenvue Inc., a worldwide consumer health company, have announced that Kimberly-Clark will acquire all outstanding shares of Kenvue in a combination of cash and stock. This deal values Kenvue at an enterprise value of approximately $48.7 billion, based on Kimberly-Clark’s closing stock price on October 31, 2025. The transaction represents roughly 14.3 times Kenvue’s last twelve months adjusted EBITDA or 8.8 times including expected run-rate synergies of $2.1 billion after reinvestment.
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The merger will unite two iconic American companies with complementary product portfolios that include ten billion-dollar brands and reach nearly half the global population throughout all stages of life. The combined company will leverage a strong commercial engine, strategic customer partnerships, category-leading innovation, digital capabilities, best-in-class marketing, and a culture of operational excellence to unlock value and better serve consumers worldwide.
Mike Hsu, Chairman and Chief Executive Officer of Kimberly-Clark, said, “We are thrilled to combine two iconic companies to create a global health and wellness leader. Kenvue occupies a unique position at the crossroads of consumer products and healthcare with exceptional talent and strong brands in attractive health categories. Our shared commitment to science and technology will allow us to provide extraordinary care to billions of consumers around the world. Over recent years, Kimberly-Clark has transformed its portfolio to focus on higher growth and higher margin businesses while building a more agile organization. This acquisition is a major step forward and we look forward to integrating the Kenvue team to create significant value for all shareholders.”
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Larry Merlo, Chair of the Board at Kenvue, added, “After an in-depth review of strategic options, we are pleased to reach this agreement with Kimberly-Clark that delivers immediate value to our shareholders and strong long-term potential. Combining Kenvue and Kimberly-Clark creates a global leader in consumer health with expanded growth opportunities. We are confident this partnership represents the best path forward for shareholders and stakeholders alike.”
Kirk Perry, Chief Executive Officer of Kenvue, said, “Our combination with Kimberly-Clark merges two highly complementary portfolios filled with trusted, essential brands. Our teams share a dedication to science-backed solutions that make a meaningful difference in homes and communities. Together we will strengthen innovation, expand capabilities, and accelerate growth, delivering more value to our customers and shareholders.”
The transaction offers several strategic advantages. It allows the combined company to serve consumers at every stage of life with iconic brands and expands exposure to health and wellness categories poised for growth. It combines complementary product lines and geographic presence to drive innovation and meet consumer needs. Kimberly-Clark’s commercial expertise and go-to-market strategies will accelerate growth, while Kenvue’s science-backed innovation and healthcare professional network will enhance the combined platform. The merger will also strengthen research and development capabilities to improve the lives of billions every day.
Financially, the new entity is expected to generate roughly $32 billion in revenue and $7 billion in adjusted EBITDA in 2025. Identified synergies include approximately $1.9 billion in cost savings and $500 million in incremental revenue benefits, partially offset by $300 million in reinvestment. The cost synergies are anticipated within three years, and revenue synergies within four years, supported by $2.5 billion in cash investment during the first two years post-close. The transaction provides Kenvue shareholders with $6.8 billion in upfront cash while creating a stronger financial and growth profile for the combined company.
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