The European Commission has approved Kimberly-Clark's acquisition of Kenvue, the owner of Tylenol, Listerine and Neutrogena, on condition that the US group divests its tampon and other feminine hygiene brands across the European Economic Area.
Deal terms and financing
Kenvue shareholders will receive US$3.50 in cash and 0.14625 Kimberly-Clark shares for each share, worth US$21.01 at announcement and valuing Kenvue at an enterprise value of about US$48.7bn. Kimberly-Clark shareholders are expected to own about 54% of the combined group. The companies target net run-rate synergies of US$2.1bn.
Regulatory approvals and timing
The Commission found the deal as notified would remove an important competitor in tampon supply in Czechia, Estonia and Slovakia. Kimberly-Clark offered to sell its Kotex (including Lidie), Camelia and Record brands in the EEA, together with related intellectual property, know-how and key staff, and the Commission approved Dilek Gıda Üretim ve Pazarlama Ticaret as purchaser. An independent trustee will monitor implementation. Executive Vice-President Teresa Ribera said the commitment would 'preserve competition, choice and affordable prices for women'.
Market context
The deal was notified to Brussels on 25 August. The US antitrust waiting period has expired and shareholders of both companies approved the deal in January, but completion remains subject to other foreign regulatory approvals; China's market regulator has been conducting an extended review. The companies are targeting completion in the fourth quarter of 2026.
