Kimberly-Clark buying Tylenol maker Kenvue in $48.7 billion deal

Kimberly-Clark (KMB) is buying Tylenol maker Kenvue (KVUE) in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.

Kenvue stock rose 19% before the bell on Monday, while Kimberly-Clark (KMB) slumped 15%.

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%.