Suzano's $3.4B Kimberly-Clark Tissue Deal Gets UK Approval
Suzano's $3.4 Billion Acquisition of Kimberly-Clark's International Tissue Business Gets UK Approval
The UK's competition watchdog has approved pulp manufacturer Suzano's $3.4 billion acquisition of a majority of Kimberly-Clark's international tissue business, following clearance from the European Union earlier this month.
Deal Details
US consumer goods conglomerate Kimberly-Clark announced in June a deal to form a joint venture, selling the majority of its international tissue business to Brazil-based Suzano. The deal values the unit at approximately $3.4 billion, including debt.
Kimberly-Clark, which owns brands like Kleenex tissues and Huggies diapers, will hold a 49% stake in the new joint venture, while Suzano will own the remaining majority stake.
Regulatory Approval Process
On Thursday, the UK Competition and Markets Authority (CMA) stated it would not refer the merger to a phase 2 investigation and cleared the deal. The European Union had already cleared the deal earlier this month, concluding it would not raise competition concerns in the bloc.
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