Johnson & Johnson is to sell its stake in its former consumer healthcare subsidiary Kenvue as part of a debt transfer agreement with its creditors.

Under the terms of the transaction, Johnson & Johnson will exchange 182.3 million shares of Kenvue common stock, worth some $3.75 billion, for debt securities that had been underwritten with Goldman Sachs and J. P. Morgan.P. Morgan.

Following the transaction, J&J will no longer hold any Kenvue shares.

Since the IPO of its former subsidiary last August, Johnson & Johnson still controlled 9.5% of outstanding common shares.

Kenvue owns the Band Aid, Johnson's, Listerine, Neutrogena and Tylenol brands, among others.

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