Kimberly-Clark Corporation (NASDAQ: KMB), a global personal care leader, and Kenvue Inc. (NYSE: KVUE), a global consumer health leader, has 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 US$48.7 billion, based on the closing price of Kimberly-Clark common stock on October 31, 2025. The transaction is expected to close in the second half of 2026, subject to the receipt of Kenvue and Kimberly-Clark shareholder approvals, regulatory approvals, and satisfaction of other customary closing conditions.
Latham & Watkins LLP represented the financing sources in the transaction with a Capital Markets and banking team led by Stelios Saffos, Global Chair of Latham’s Capital Markets Practice, and partners Michele Penzer and Erika Weinberg, and counsel Kelly Egers, with associates Robyn Sablove and Chiara Eramo with assistance from Chanie Saltzman. Advice was also provided on litigation matters by partners BJ Trach and Bob Gilbert.
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