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Johnson & Johnson has announced its intention to sell all 182.3 million shares of Kenvue, the company it spun off a year ago. The transaction will be executed through a stock offering in a debt-for-equity exchange, where Johnson & Johnson will exchange the shares for debt they hold in Kenvue. Kenvue will not receive any proceeds from this secondary offering. The deal is valued at approximately $3.75 billion.
Johnson & Johnson looks to offload remaining Kenvue stake in $3.75B deal https://t.co/J7KB34e19R
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Johnson & Johnson $JNJ just announced plans to fully sell out of Kenvue $KVUE ... the company it spun out 1 year ago JNJ will exchange 182,329,550 shares of Kenvue’s common stock for debt they hold, Kenvue will not receive any proceeds from the secondary offering - SeekingAlpha
