JnJ to sell remaining 9.5 percent stake in Kenvue
Kenvue, the producer of Tylenol said on Monday that Johnson & Johnson will be selling off its remaining 9.5% stake in the company. This decision follows roughly one year after the healthcare conglomerate separated and listed its consumer health business.
Based on Kenvue stock's last close, the offering of 182.3 million shares would be worth about $3.75 billion, according to Reuters calculation.
Kenvue's shares were down 1.2% in premarket trading. J&J shares were largely unchanged.
J&J finalized the biggest shake-up in its 137-year history to focus on its pharmaceutical and medical devices businesses. The company in May last year sold 172.8 million shares in Kenvue to raise $3.8 billion, and lowered its stake over the next three months.
J&J will exchange its holding to Goldman Sachs and J.P. Morgan Securities for its debt, Kenvue said on Monday. Goldman Sachs, J.P. Morgan and BofA Securities are the joint lead book-running managers.
The Band-Aid maker has focused on its 15 priority brands since the spinoff and earlier this month said it would cut 4% of its global workforce.
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