Kirkland Advises Kimberly-Clark on $48.7 Billion Acquisition of Kenvue
Kirkland & Ellis is advising Kimberly-Clark Corporation (NASDAQ: KMB), a global personal care leader, on an agreement to acquire Kenvue Inc. (NYSE: KVUE), a global consumer health leader, 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. This transaction brings together two iconic American companies to create a combined portfolio of complementary products that touches nearly half the global population through every stage of life. The combined company will leverage a superior commercial engine – fueled by strategic customer partnerships, category-defining growth, industry-leading science and innovation, a differentiated digital model, best-in-class marketing and a culture of operating excellence – to unlock the full potential of the combination and better meet the evolving needs of consumers.
At closing, the combined company is expected to generate pro forma annual net revenues of more than $32 billion, approximately $7 billion of adjusted Ebitda. The total consideration represents an acquisition multiple of approximately 14.3x Kenvue’s LTM adjusted Ebitda or 8.8x including expected run-rate synergies of $2.1 billion, net of reinvestment.
Under the terms of the agreement, which has been unanimously approved by each company’s Boards 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, for a total consideration to Kenvue shareholders of $21.01 per share. Upon closing of the transaction, Kimberly-Clark shareholders are expected to own approximately 54% and current Kenvue shareholders are expected to own approximately 46% of the combined company on a fully diluted basis. 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.
Read the transaction press release
The Kirkland 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.
