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Kimberly-Clark announced Monday it's struck an agreement to buy Kenvue in a deal valued at $48.7 billion that would create a consumer staples giant.

The deal is a combination of cash and stock and totals about $40 billion on an equity basis, excluding the impact of debt. Shares of Kenvue surged 12% Monday, while Kimberly-Clark stock fell 14%.

The combined company would bring together brands like Huggies and Kleenex with the likes of Band-Aid and Tylenol. It would include 10 billion-dollar brands, the companies said in a news release . The acquisition would be one of the largest on Wall Street this year.

The transaction is expected to close in the second half of 2026.

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