Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.

Shareholders of Kimberly-Clark will own about 54% of the combined company. Kenvue shareholders will own about 46% in what is one of the largest corporate takeovers this year. The deal must still be approved by the shareholders of both companies.

The combined company will have a huge stable of household brands under one roof, putting Kenvue’s Listerine mouthwash and Band-Aid side-by-side with Kimberly-Clark’s Cottonelle toilet paper, Huggies and Kleenex tissues. It will also generate about $32 billion in annual revenue.

Kenvue has spent a relatively brief period as an independent company, having been spun off by Johnson & Johnson two years ago. J&J first announced in late 2021 that it was splitting its slow-growth consumer health division from the pharmaceutical and medical device divisions.

Kenvue has since been targeted by activist investors unhappy about the trajectory of the company and Wall Street appeared to anticipate some heavy lifting ahead for Kimberly-Clark.

Kenvue’s stock jumped 12% Monday afternoon, while shares of Kimberly-Clark, based outside of Dallas, slumped by nearly 15%.

Kenvue shares have shed nearly 50% of their value since approaching $28 in the spring of 2023. Morningstar analyst Keonhee Kim said Kenvue’s volatile journey as a public company may have been driven in part by poor execution and a lack of experience operating as a stand-alone business.

He said the leadership of a more-established consumer products company like Kimberly-Clark could help unlock some of Kenvue’s value.

He also noted that Kenvue brands include Neutrogena, Benadryl and other names that have been in store consumer health aisles for decades.