Kimberly-Clark on Monday said it is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, combining the Huggies manufacturer with the owner of Aveeno and Band-Aid.

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%.

The combination merges two businesses that own major consumer health brands, ranging from Kimberly-Clark's Kleenex and Scott lines to Kenvue's Johnson's and Neutrogena.

Recently, Kenvue's Tylenol has drawn headlines after President Trump announced the Food and Drug Administration believes the use of the pain medication's active ingredient, acetaminophen, during pregnancy can be associated with an increased risk of autism. Medical experts and Kenvue say Tylenol is safe.

The deal is expected to close in the second half of next year. It still needs approval from shareholders of both companies.

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