Australia’s competition regulator has approved Kimberly-Clark’s proposed $48.7 billion acquisition of Kenvue, subject to the U.S. consumer-products group divesting Kenvue’s Carefree and Stayfree period-care brands in Australia to a purchaser approved by the Australian Competition and Consumer Commission (ACCC).
The ACCC announced the conditional clearance on September 2, 2026, saying that without the divestiture, the transaction could substantially lessen competition in the Australian period-care market.
Kimberly-Clark supplies tampons, sanitary pads and panty liners under its U by Kotex brand, while Kenvue supplies the same categories under Carefree and Stayfree.
The regulator said Kimberly-Clark and Kenvue are two of the three major suppliers of period-care products in Australia, alongside Essity, which supplies the Libra and TOM Organic brands. Without the remedy, the acquisition would reduce the number of major suppliers from three to two. The divestiture is intended to preserve an independent competitor in the market.
Kimberly-Clark notified the ACCC of the acquisition on July 28, 2026. At the time of notification, it had already offered an undertaking providing for the divestiture of Kenvue’s period-care business in Australia and New Zealand.
The Australian clearance follows New Zealand’s approval on August 20. New Zealand’s Commerce Commission cleared the acquisition subject to an undertaking requiring the divestment of Kenvue’s feminine-hygiene business in New Zealand and Australia.
Elsewhere, India’s Competition Commission approved the acquisition in May, while the U.S. Hart-Scott-Rodino waiting period expired on February 4. Both Kimberly-Clark and Kenvue shareholders approved the transaction on January 29.
The European Commission remains one of the key outstanding reviews. Kimberly-Clark formally notified the transaction to the Commission on August 25, and the notification was published in the EU Official Journal on September 3. The case is currently in Phase 1, with a decision deadline expected on September 29, 2026.
Under the terms of the Kimberly-Clark-Kenvue agreement, Kenvue shareholders will receive $3.50 in cash plus 0.14625 Kimberly-Clark shares for each Kenvue share. The transaction was valued at approximately $48.7 billion in enterprise value when announced. Kimberly-Clark expects approximately $2.1 billion in annual run-rate synergies, comprising cost and revenue synergies.
The transaction remains targeted for completion in the second half of 2026, subject to remaining regulatory approvals and other customary closing conditions. The Australian and New Zealand clearances, together with the Brazil feminine-care divestment, represent significant progress in addressing competition concerns in key markets, while the EU and other outstanding jurisdictions remain important steps toward closing.
