Gilbert + Tobin has advised Kenvue on securing clearance in Phase 1 from the ACCC for Kimberly-Clark’s US$48.7 billion acquisition of Kenvue, the fastest merger cleared by the ACCC subject to conditions.
The outcome is a significant development under Australia’s new merger regime. The matter was notified to the ACCC on 28 July 2026 and cleared reviewing a review process of just 27 business days.
Kenvue is a global producer and supplier of personal care products for personal, business and industrial use. Kimberly-Clark completed its acquisition Kenvue and its subsidiaries on 2 November 2026, after the ACCC cleared the transaction subject to a court-enforceable undertaking from Kimberly-Clark under section 87B of the Competition and Consumer Act.
To pre-emptively address potential competition concerns, the parties offered to divest Kenvue’s feminine care business in Australia and New Zealand upfront, including the Carefree and Stayfree brands, could occur post-closing. The ACCC cleared the transaction subject to this divestiture, and allowed for this to occur post-closing of the main transaction.
G+T advised Kenvue on all Australian corporate and competition aspects of the transaction . Acting for Kenvue, G+T navigated the regulatory process and the complex carve-out of Kenvue’s feminine care business.
The matter is the first global acquisition cleared with a remedy and fourth to be cleared subject to under the new merger regime. Gilbert + Tobin has acted in three of the five transactions cleared with a remedy in Australia under this regime.
The G+T team was led by partner Elizabeth Avery, with support from Amelia Ho, Haidee Leung, Ciara Denihan, Tom Abraham and Lillian Atkinson.
G+T continues to stay at the forefront of merger notifications by advising on approximately 1 in 4 merger notifications under the new regime.
Elizabeth Avery said:
Elizabeth AveryThis was a highly fact-intensive review in a market where brand trust and consumer familiarity were central to the ACCC’s assessment. We worked closely with Kenvue to anticipate the ACCC’s concerns, build a practical pathway through the new regime and develop a remedy that preserved the competitive value of the business. The speed of the process reflects the strength of that preparation and the close engagement between Kenvue, the ACCC and our team.
