$KVUE · Kenvue Inc.
Kenvue Inc. completed its merger with Kimberly-Clark Corporation on November 2, 2026, via a two-step structure where Kenvue first merged into a K-C subsidiary, then into a K-C LLC. Each Kenvue share was converted into 0.14625 shares of K-C common stock plus $3.50 in cash. The $4.0 billion credit facility was terminated with zero borrowings, all 12 Kenvue directors resigned, and Kenvue LLC assumed $7.0 billion in outstanding notes. KVUE will be delisted from the NYSE.
- Each Kenvue share converted into 0.14625 shares of Kimberly-Clark (KMB) plus $3.50 cash.
- Kenvue's $4.0 billion revolving credit facility was terminated with no borrowings outstanding.
- All 12 Kenvue directors resigned; K-C executives assumed control of the surviving entity.
- Kenvue LLC assumed all outstanding notes totaling $7.0 billion across seven series maturing 2028–2063.
- Kenvue Common Stock will be delisted from NYSE; Form 25 filed, deregistration to follow.
KVUE trading at $19.31, down 1.28% on the session. The merger consideration (0.14625 KMB shares + $3.50 cash) is now fixed; remaining trading reflects arbitrage spread compression as the deal has closed and conversion mechanics are final.
The closing finalizes one of the largest consumer-health M&A deals, combining Kenvue's iconic OTC and skin-health brands with Kimberly-Clark's personal-care portfolio under a single corporate structure.
This merger combines Kenvue's consumer health portfolio (Tylenol, Band-Aid, Neutrogena) with Kimberly-Clark's personal care brands (Huggies, Kotex, Depend), creating a consumer packaged goods giant with significant scale in both health and hygiene categories.
The $7.0 billion in assumed notes now sit inside Kimberly-Clark's structure; integration execution risk and the debt load from K-C's financing of the cash consideration (funded via cash on hand, debt, and proceeds from the sale of a 51% stake in its International Family Care and Professional business) are key post-close concerns.