Allens has advised Kimberly-Clark on securing ACCC clearance for its acquisition of Kenvue under Australia’s new mandatory merger control regime.
With an enterprise value of US$48.7 billion, the transaction is one of the largest reviewed under the new regime and the first global acquisition to obtain Phase 1 clearance with a structural remedy.
Allens advised on all aspects of the ACCC review, including preparing the notification, advising on the competition and remedy strategy, leading engagement with the ACCC throughout the review process, and designing and negotiating a section 87B undertaking providing for the divestiture of Kenvue’s Carefree and Stayfree feminine hygiene brands in Australia and New Zealand.
Partner Felicity McMahon said: ‘Australia’s new mandatory merger control regime is reshaping how parties approach transaction planning and execution. This matter demonstrates the value of early engagement with regulators and carefully designed remedy packages in achieving regulatory certainty while supporting our client’s broader commercial objectives.’
Allens’ competition, consumer and regulatory team advises on the most complex global and domestic mergers in market, having recently advised OpenAI on its acquisitions of Ona and Tomoro.Ai, Livingbridge on the sale of Everlight Radiology, Salesforce on its acquisition of Contentful, and Jardine Matheson on its acquisition I-MED Radiology Network.
