08:03 AM EDT, 05/13/2024 (MT Newswires) -- (Adds details in third paragraph.)

Johnson & Johnson ( JNJ ) is expected to exchange 182,329,550 shares of Kenvue's ( KVUE ) common stock for indebtedness of Johnson & Johnson ( JNJ ) to be held by Goldman Sachs and J.P. Morgan, Kenvue ( KVUE ) said Monday.

Following the completion of the proposed offering, Johnson & Johnson ( JNJ ) will no longer own any shares of Kenvue ( KVUE ) common stock, according to Kenvue ( KVUE ).

Kenvue ( KVUE ) said it will not receive any proceeds from the debt-for-equity exchange.

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