Kenvue becomes fully independent company

Kenvue (KVUE) announced its separation from Johnson & Johnson (JNJ), marking its first day as a fully independent company. As separately announced today, Johnson & Johnson accepted an aggregate of 190,955,436 shares of Johnson & Johnson common stock in exchange for 1,533,830,450 shares of Kenvue common stock. As a result, Johnson & Johnson now owns 9.5% of the outstanding shares of Kenvue common stock. The exchange offer was 4.2x subscribed. Kenvue expects to also become the newest member of the S&P 500. S&P Dow Jones Indices announced its intent to add Kenvue to the S&P 500 index effective prior to the opening of trading on August 25, 2023.