"Kimberly-Clark to Acquire Kenvue in $48.7 Billion Deal, Creating Global Consumer Health Powerhouse"

Kirkland & Ellis advised Kimberly-Clark Corporation (NASDAQ: KMB) on its agreement to acquire Kenvue Inc. (NYSE: KVUE) in a cash-and-stock transaction, while Kenvue was represented by its own legal counsel. The transaction, valued at approximately $48.7 billion based on Kimberly-Clark’s closing stock price on October 31, 2025, combines two iconic American companies to create a portfolio of complementary products that serve nearly half the global population. The combined company is expected to generate pro forma annual net revenues of over $32 billion and approximately $7 billion of adjusted EBITDA, with anticipated synergies of $2.1 billion. Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held, with Kimberly-Clark shareholders owning approximately 54% and Kenvue shareholders owning approximately 46% of the combined company upon closing. The transaction is expected to close in the second half of 2026, subject to shareholder and regulatory approvals. The Kirkland & Ellis team included corporate lawyers Edward Lee, Kim Hicks, Steven Choi, Brett Mele, Lilly Rohan, Pauline Hodencq, Arjun Mocherla, Dakota Priest, Danielle Macuil, Ryane Liao, and Jack Vande Berg; executive compensation lawyers J. Robert Fowler, Stephanie Jeane, and James Sprague; debt finance lawyers Andy Veit, Brittany Taylor, and Andrea Bucher; capital markets lawyers Rachel Sheridan, Shagufa Hossain, Asher Qazi, Christina Thomas, Jessica Monahan, Soo Kyung Chae, Jihao Ding, and Sooyeon Lee; antitrust & competition lawyers Andrea Agathoklis Murino, Jack Coles, Mariana del Carmen Fernandez, Leah Nowak, and Tyler Nappo; tax lawyers Sara Zablotney, Rebecca Fine, and Brooke Schafer; employee benefits lawyer Maureen O’Brien; employment & labor lawyers Christie Alcala and Jon Link; technology & IP transactions lawyers Shellie Freedman, Rami Sherman, Amani Michelle Carter Coutinho, Krystal Egbuchulam, and Ugomma Ugwu-Uche; healthcare lawyers Dennis Williams, William Richmond, Cooper Barghols, and Marisa Nardelli; environmental transactions lawyers Paul Tanaka, Cheyenne Overall, and Katherine McKeen; real estate lawyers John Thomas Goldman, Gina Garcia, and Natalia Ortiz; and international risk lawyers Nick Niles and Andrew Hartford.

"Kimberly-Clark to Acquire Kenvue in $48.7 Billion Deal, Creating Global Consumer Health Powerhouse"

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