Business leaders are striking mega deals to grow their multibillion-dollar companies to capture tailwinds from artificial intelligence, credit card and aging population market trends.
Toilet paper and feminine care products giant Kimberly-Clark is looking to make painkillers, lotions and other health and wellness goods. Two Apple suppliers plan to form a radio chip giant and a metal card maker proposed a bid to expand its operational and product footprint.
Here are more details on the recent deals.
Kimberly-Clark strikes $48.7B deal with Tylenol maker Kenvue
It’s not just about diapers and toilet paper anymore.
Kimberly-Clark Corp., known for its Huggies, Kleenex and Cottonelle brands, has agreed to buy consumer health company Kenvue for $48.7 billion, expanding its personal care product portfolio to include Tylenol, Listerine and other major household brands.
The deal, if approved, would bring together two U.S. companies with “complementary strengths” to create a global health and wellness giant with a full-year net revenue of $32 billion based on 2025 estimates, according to a news release.
Kimberly-Clark and Kenvue, which spun off from Johnson & Johnson in 2023, identified a combined 10 brands that each generate more than $1 billion in sales per year, such as Kotex, Scott, Band-Aid and Aveeno.
Kimberly-Clark CEO Michael Hsu said in an investor call Monday that a deal like this “was always in the back of my mind” as the company looked to move into “higher growth, higher margin personal care,” including health and wellness.
“We serve every important stage of life, and both of us do it from opposite sides of the category,” Hsu said.
The blockbuster merger comes weeks after the Trump administration accused Tylenol of being linked to causing autism, sparking a potential label change for acetaminophen and a string of lawsuits against pharmaceutical manufacturers for alleged deceptive marketing practices.
Hsu said Kimberly-Clark’s board of directors carefully evaluated the risks of a deal like this, consulting with medical, regulatory and legal experts through the process, and came to the conclusion that this is a “generational value creation opportunity for both companies.”
“Kenvue was always the belle of the ball for me,” Hsu said.
The deal is expected to close in the back half of 2026.
Apple suppliers Qorvo and Skyworks agree to merge
Two of Apple’s suppliers — Qorvo and Skyworks — have struck a cash-and-stock deal to become a radio chip company with an enterprise value of $22 billion.
Qorvo shareholders will receive $32.50 in cash and $0.96 of a Skyworks common share for each Qorvo share held at the close of the transaction, according to a news release. As part of the agreement, Skyworks shareholders will own 63% of the combined company, while Qorovo shareholders will own 37%.
The combined board of directors will have 11 members, including eight from Skyworks and three from Qorvo.
Qorvo CEO Bob Bruggeworth, who plans to stay on as a board director, said in a statement that the companies are excited to leverage the strengths of their portfolios and teams to reach growing markets such as defense and aerospace, automotive and artificial intelligence data centers.
Apple accounted for roughly half of the companies’ net revenues in recent fiscal years, according to Qorvo and Skyworks’ latest annual reports. North Carolina-based Qorvo is a maker of radio frequency and sensor technologies for mobile devices, wireless infrastructures and other systems. California-based Skyworks makes analog and mixed-signal semiconductors for a range of industries.
Skyworks CEO Phil Brace will act as the combined company’s chief executive. The deal is expected to close in early 2027.
Premium metal card maker Composecure offers bid for Husky Technologies
New Jersey-based Composecure, a maker of metal payment cards for American Express and other financial institutions, has agreed to acquire injection molding systems provider Husky Technologies.
The combined business has an enterprise value of $7.4 billion. Pending approval, Husky will be run as a standalone business alongside CompoSecure and continue to operate under its current management team, according to a news release. There will be no immediate changes to operations or customer experience.
Dave Cote, executive chairman of Composecure and former CEO of Honeywell, said in a statement that Husky hit several of the company’s investment criteria, including a strong industry foothold, significant technology differentiation, organic growth possibilities and margin expansion potential.
California-based investment firm Platinum Equity is the current owner of Canada-based Husky Technologies, which it acquired in 2018 from Berkshire Partners and OMERS Private Equity for $3.85 billion.
“We are excited to begin working with the Husky team and believe the combined business is uniquely well positioned to deliver for investors,” Cote said.
The transaction is expected to close in the first quarter of 2026.
