Kimberly-Clark Sells Global Tissue Unit in $3.4 Billion Deal

Kimberly-Clark Corp. has agreed to sell a majority stake in its global Kleenex and tissue businesses outside of North America to a newly-formed venture with Brazilian pulp supplier Suzano SA.

The transaction values the assets under Kimberly-Clark’s International Family Care and Professional unit at $3.4 billion, the Dallas-based company said in a statement. Suzano will pay $1.73 billion in cash for a 51% stake in the new venture and holds the option to buy the remaining shares at specified times and conditions, it said in a separate filing.