UK CMA Launches Review of Proposed Suzano–Kimberly-Clark Joint Venture

The UK Competition and Markets Authority (CMA) has confirmed it is reviewing the proposed joint venture between Suzano International Holding B.V. and Kimberly-Clark Corporation. The regulator has set May 28, 2026, as the deadline for its Phase 1 decision.

The proposed transaction, valued at approximately $3.4 billion, would combine Kimberly-Clark’s international family care and professional tissue businesses with Suzano’s manufacturing scale and operational expertise. Under the agreement, Suzano would hold a 51% controlling stake, while Kimberly-Clark would retain 49% ownership. Suzano is expected to pay approximately $1.734 billion in cash at closing.

The joint venture would operate across more than 70 countries, employing around 9,000 people and encompassing 22 manufacturing facilities. It would manufacture, market, and distribute a range of tissue products, including toilet paper, paper towels, napkins, and facial tissues.

As part of the arrangement, Kimberly-Clark will license several of its well-known brands to the new entity, including Kleenex, Scott, Cottonelle, WypAll, Viva, and Kimberly-Clark Professional. Kimberly-Clark will retain its U.S. tissue and professional businesses, as well as select existing joint ventures in markets such as Mexico, South Korea, and Bahrain.

Governance of the new company will be overseen by a five-member board, with three directors appointed by Suzano and two by Kimberly-Clark.

The companies expect the transaction to close in mid-2026, subject to regulatory approvals, including clearance from the CMA.