Kenvue’s $48.7 Billion Acquisition by Kimberly‑Clark

On November 3, 2025, Kenvue Inc. (“Kenvue”), a global consumer health leader, and Kimberly‑Clark Corporation (“Kimberly‑Clark”), a global personal care leader, announced an agreement under which Kimberly‑Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction that values Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly‑Clark common stock on October 31, 2025. Under the terms of the agreement, which has been unanimously approved by each company’s Board of Directors, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly‑Clark shares for each Kenvue share held at closing. Upon closing of the transaction, current Kenvue shareholders are expected to own approximately 46% and current Kimberly‑Clark shareholders are expected to own approximately 54% of the combined company on a fully diluted basis. Cravath is representing Kenvue in connection with the transaction.

The Cravath team is led by partners Robert I. Townsend III, George F. Schoen, Michael E. Mariani and Jin Kyu Baek on M&A matters and includes of counsel Patrick S. Taylor and associates Mariel V. Mok, Colin L. Halvey, Mikayla L. Harris, Weston James Barker, Nikita B. Patel and Lynn Mei Chong on M&A matters; partners George E. Zobitz, Matthew M. Kelly and Douglas Dolan and associate Nastassia Shcherbatsevich Li on financing matters; partner Ron Creamer and associate Jamie Hunter Lee on tax matters; partner Matthew J. Bobby, of counsel Sarah W. Colangelo, senior attorney Aaron S. Cha and associates Caroline Wyatt and Keanna N. Joseph on executive compensation and benefits matters; partner Sasha Rosenthal‑Larrea and associate Yunhao (Leslie) Liu on intellectual property matters; partner Margaret T. Segall, of counsel John Foster Kendrick and associate Timothy O’Neill on antitrust matters; partner Kimberley S. Drexler and associate Lyudmila D. Knorr on corporate governance matters; partner Matthew Morreale on environmental matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Scarlett A. Neely also worked on executive compensation and benefits matters and Jack Weinert and Nilofar Vakili also worked intellectual property matters.