J&J completes Kenvue IPO at $22/share, retains 89.6% stake; net proceeds $4.24B

JOHNSON & JOHNSON

Kenvue IPO priced at $22.00 per share; 198.7M shares sold including over-allotment.
Net proceeds of $4,241M paid to J&J as partial consideration for transferred consumer health business.
J&J owns 1,716,160,000 Kenvue shares (89.6%) post-IPO; will continue to consolidate Kenvue.
Separation Agreement and ancillary agreements (tax, employee, IP, trademark) executed May 3, 2023.
J&J may pursue a full distribution or other disposition of remaining Kenvue shares later.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

JOHNSON & JOHNSON entered into Separation Agreement with Kenvue Inc. (effective 2023-05-03).

Action: entry
Counterparty: Kenvue Inc.
Effective: 2023-05-03

Exact text from the filing

On May 8, 2023, Kenvue Inc., a Delaware corporation (“Kenvue”), completed its previously announced initial public offering (the “IPO”) of 198,734,444 shares of its common stock, par value $0.01 per share (the “Kenvue Common Stock”), including the underwriters’ full exercise of their option to purchase 25,921,884 shares to cover over-allotments, at an initial public offering price of $22.00 per share for net proceeds of $4,241 million.

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Source: SEC EDGAR

accession 0001193125-23-138287

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