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Beauty Industry, Mergers and Acquisitions

Johnson & Johnson to Split Off Kenvue Through Exchange Offer

Johnson & Johnson shareholders can exchange all, some or none of their shares of J&J common stock for shares of Kenvue.

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By: Charlie Sternberg

Associate Editor

Multinational corporation Johnson & Johnson has announced plans to split-off at least 80.1% of the shares of Kenvue Inc. through an exchange offer.
 
Kenvue, formerly Johnson & Johnson’s Consumer Health business, completed its initial public offering (IPO) in May 2023. Through the planned exchange offer, Johnson & Johnson shareholders can exchange all, some or none of their shares of Johnson & Johnson common stock for shares of Kenvue common stock, subject to the terms of the offer. The exchange offer is expected to be tax-free for U.S. Federal income tax purposes.
 
Johnson & Johnson currently owns approximately 89.6% of the total outstanding shares of Kenvue common stock. If the exchange offer (including all related transactions) is effectuated, Johnson & Johnson will no longer be the controlling shareholder of Kenvue, and Kenvue will operate as a separate and fully independent company.
 
Brands under the Kenvue umbrella include Aveeno, Neutrogena, Listerine, BAND-AID and more.
 
Johnson & Johnson also announced today that, in connection with the planned split-off, it has received a waiver of the 180-day lock up with respect to the shares of Kenvue common stock held by it from the joint lead book-running managers of the IPO.

Bringing Value to Shareholders

“The separation of Kenvue further sharpens Johnson & Johnson’s focus on transformational innovation specifically in Pharmaceutical and MedTech,” said Joaquin Duato, Chairman and Chief Executive Officer of Johnson & Johnson. “We believe now is the right time to distribute our Kenvue shares, and we are confident that a split-off is the appropriate path forward to bring value to our shareholders.”
 
“This filing marks an important milestone in Kenvue’s journey towards becoming a fully independent company,” added Thibaut Mongon, Kenvue Chief Executive Officer and Director. “As the world’s largest pure-play consumer health company by revenue, we have a clear vision, an agile operating model, strong fundamentals, and an inspiring purpose: to help people realize the extraordinary power of everyday care.”
 
The exchange offer is voluntary for Johnson & Johnson shareholders. No action is necessary for Johnson & Johnson shareholders who choose not to participate.

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