Transaction Overview - Kimberly-Clark is acquiring Kenvue to create a global health & wellness leader [20, 96] - Kenvue shareholders are expected to receive $3.50 in cash and 0.14625 K-C shares for each Kenvue share, representing total consideration of $21.01 per share [91] - Post-transaction, current K-C shareholders are expected to own approximately 54%, while current Kenvue shareholders are expected to own approximately 46% [91] - The transaction values Kenvue at a headline multiple of 14.3x Kenvue LTM Adjusted EBITDA, or an effective multiple of 8.8x post-synergies [91] Strategic Rationale - The combined company will have approximately $32 billion in revenue and ~$7 billion in EBITDA pre-synergies [30, 76, 77] - The combination offers exceptional complementarity across categories and critical markets [23] - The combined company will have 10 iconic $1B+ brands [75] - Kimberly-Clark can scale Kenvue in China, Mexico, S Korea and Indonesia [90] - Kenvue can scale Kimberly-Clark Categories in India and Western Europe [90] Synergy Opportunities - The transaction is expected to generate total synergies of approximately $2.1 billion [85, 91] - Cost synergies are estimated at ~$1.9 billion, driven by COGS optimization (30%), sales, marketing and trade spend optimization (30%), and G&A optimization (40%) [85, 87] - Margin flow through from revenue synergies is estimated at ~$0.2 billion [85] - The estimated cash cost to achieve synergies is $2.5 billion [88]

Acquisition Overview - iA Financial Group will acquire 100% of RF Capital Group for $20.00 per share[8] - The purchase price is $597 million, representing 1.5% of RF Capital's AUA as of June 30, 2025[8] - The transaction is valued at 6.7x RF Capital's last 12 months fully synergized EBITDA as of March 31, 2025[8] Strategic Benefits - The partnership adds over $40 billion in AUA and 189 advisors to iA Wealth[6] - iA Wealth's advisory network will increase to over 2,750 partners with a combined ~$175 billion in AUA[6] - The acquisition strengthens iA Wealth's presence in the high-net-worth segment[6] Financial Impact - The transaction is expected to be neutral to core earnings in the first year and accretive to core EPS by $0.15+ in the second year[6] - Transaction and integration costs are estimated at $60 million before tax, to be incurred over the first three years[8] - The purchase price is expected to reduce iA's solvency ratio by approximately 6 percentage points and reduce capital available for deployment by ~$0.6 billion[8] RF Capital Overview - RF Capital has $40 billion in AUA[14] - RF Capital's revenue is segmented with 82% from wealth management[13] - RF Capital has 189 advisors/143 teams with an average AUA of $270 million per team[15]