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.Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. That amounts to $21.01 per share, based on the closing price of Kimberly-Clark shares on Friday.Kimberly-Clark shareholders will own about 54% of the combined company. Kenvue shareholders will own about 46%.The combined company is anticipated to generate 2025 annual net revenues of approximately $32 billion. Kimberly-Clark and Kenvue said that they identified about $1.9 billion in cost savings that are expected in the first three years after the transaction's closing.“With a shared commitment to developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life,” Kimberly-Clark Chairman and CEO Mike Hsu said in a statement.Hsu will be chairman and CEO of the combined company. Three members of Kenvue's board will join Kimberly-Clark's board at closing. The combined company will keep Kimberly-Clark’s headquarters in Irving, Texas and continue to have a significant presence in Kenvue’s locations.The deal is expected to close in the second half of next year. It still needs approval from shareholders of both companies.Shares of Kimberly-Clark slipped more than 15% before the market open, while Kenvue's stock jumped more than 20%.