Kimberly-Clark on Monday said it is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, combining the Huggies manufacturer with the owner of Aveeno and Band-Aid.

Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. That amounts to $21.01 per share, based on the closing price of Kimberly-Clark shares on Friday.

Kimberly-Clark shareholders are expected to own about 54% of the combined company. Kenvue shareholders will own about 46%.

The combination merges two businesses that own a number of major consumer health brands, such as Kimberly-Clark's Kleenex and Scott lines and Kenvue's Band-Aid, Benadryl, Listerine and Neutrogena products.

"We will serve billions of consumers across ever

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