M&A · Industrials · Perfumes, Cosmetics & Other Toilet Preparations
Kimberly-Clark Corp to acquire Kenvue Inc.
Announced Nov 3, 2025 · Closed Nov 2, 2026
Deal value$48.70BEV $48.70B
Premium—To unaffected price
EV / Adj. EBITDA14.4x3.2x EV / Revenue
ConsiderationCash and stock$21.01 per share
Transaction
- Acquirer
- Kimberly-Clark Corp (KMB)
- Target
- Kenvue Inc. (KVUE)
- Buyer type
- Strategic
- Offer price per share
- $21.01
- Enterprise value
- $48.70B
- Status
- Closed Nov 2, 2026
Deal protections
- Break fee (target pays)
- $1.14B · 2.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- PJT Partners, JPMorgan
- To the target
- Centerview, Goldman Sachs
- JPMorgan fee
- $50.0M
- PJT Partners fee
- $57.0M
Sector context · Industrials
- Comparable deals
- 95 in the prior 24 months
- Premium
- Sector median 37.0%
- EV / Adj. EBITDA
- 14.4x vs. 9.2x sector median
- Break fee
- 2.3% vs. 2.5% sector median
Timeline
- AnnouncedNov 3, 2025
- Proxy filedDec 16, 2025
- Definitive proxyDec 16, 2025
- Shareholder voteJan 29, 2026
- ClosedNov 2, 2026
Valuation · fairness opinions
Precedent transactionsJPMorgan$20.00$28.50
Discounted cash flowJPMorgan$18.00$27.50
Discounted cash flowJPMorgan$111.00$166.50
Discounted cash flowJPMorgan$28.50$43.00
Discounted cash flowJPMorgan$29.50$45.00
Trading comparablesPJT Partners$16.50$23.00
Precedent transactionsPJT Partners$20.00$30.00
Discounted cash flowPJT Partners$18.00$27.50
Discounted cash flowPJT Partners$29.50$45.00
Trading comparablesPJT Partners$122.50$167.00
Offer $21.01
Implied value per Kenvue Inc. share by analysis, from JPMorgan and PJT Partners · DCF discount rate 6.5%–7.5%.