Kimberly-Clark announced it will purchase Tylenol maker Kenvue in a cash and stock acquisition valued at approximately $48.7 billion.

Upon completion, Kimberly-Clark shareholders will own about 54% of the combined company, while Kenvue shareholders will hold 46%.

The big picture: The merger brings together a broad array of popular consumer brands, including Kenvue’s Tylenol, Listerine, and Band-Aid alongside Kimberly-Clark’s Cottonelle, Huggies and Kleenex. • The combined business is expected to generate about $32 billion in annual revenue, creating one of the largest consumer health goods companies. • Kenvue was spun off by Johnson & Johnson two years ago, marking a brief period of independence following J&J’s split of its consumer health division from pharmaceuticals and medical de

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