Kenvue Inc., the consumer health business that Johnson & Johnson spun out last year, on Monday said it will exchange 182.3 million shares of its common stock.
The “debt-for-equity” exchange looks to be worth about $3.75 billion, based on Kenvue’s Friday closing share price of $20.54.
New Brunswick-based J&J will then have no stake left in Kenvue.
In a Monday filing with the U.S. Securities and Exchange Commission, J&J said it would exchange its holding to Goldman Sachs and J.P. Morgan Securities for its debt.
“Following the debt-for-equity exchange, if consummated, the selling shareholders intend to sell the shares to the underwriters in the offering,” Kenvue said in a statement.
