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

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 will own about 54 percent of the combined company. Kenvue shareholders will own about 46 percent.

The combined company is anticipated to generate 2025 annual net revenues of approximately $32 billion. Kimberly-Clark and Kenvue said that they identified about $1.9 billion in cost savings that are expected in the first three years after the transaction's closing.

“With a shared commitment to

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