Johnson & Johnson, a New Jersey-based healthcare conglomerate, has completed a series of strategic financial maneuvers involving its former Consumer Health business, now known as Kenvue Inc. In November 2021, Johnson & Johnson announced plans to spin off its Consumer Health business into a separate public entity. The initial public offering (IPO) for Kenvue took place on May 8, 2023, with the company issuing nearly 198.7 million shares at $22.00 each, resulting in $4.2 billion in net proceeds for Johnson & Johnson, which retained approximately 89.6% ownership post-IPO. On August 23, 2023, Johnson & Johnson divested a significant portion of its Kenvue holdings, 80.1%, through an exchange offer, receiving in return about 190.9 million shares of its own common stock. This left Johnson & Johnson with a 9.5% stake in Kenvue. On May 15, 2024, Johnson & Johnson issued $3.6 billion in commercial paper, with the proceeds intended for general corporate purposes. Finally, on May 17, 2024, the company completed a debt-for-equity exchange, trading all its remaining Kenvue shares for the outstanding commercial paper, thus satisfying and discharging the debt and exiting its position in Kenvue entirely.

Johnson & Johnson, a New Jersey-based healthcare conglomerate, has completed a series of strategic financial maneuvers involving its former Consumer Health business, now known as Kenvue Inc. In November 2021, Johnson & Johnson announced plans to spin off its Consumer Health business into a separate public entity. The initial public offering (IPO) for Kenvue took place on May 8, 2023, with the company issuing nearly 198.7 million shares at $22.00 each, resulting in $4.2 billion in net proceeds for Johnson & Johnson, which retained approximately 89.6% ownership post-IPO. On August 23, 2023, Johnson & Johnson divested a significant portion of its Kenvue holdings, 80.1%, through an exchange offer, receiving in return about 190.9 million shares of its own common stock. This left Johnson & Johnson with a 9.5% stake in Kenvue. On May 15, 2024, Johnson & Johnson issued $3.6 billion in commercial paper, with the proceeds intended for general corporate purposes. Finally, on May 17, 2024, the company completed a debt-for-equity exchange, trading all its remaining Kenvue shares for the outstanding commercial paper, thus satisfying and discharging the debt and exiting its position in Kenvue entirely.