Okta to Replace Kenvue in S&P 500 Amid Kimberly-Clark Acquisition

S&P Dow Jones Indices said in an October 30, 2026 announcement that Okta Inc. (OKTA ) (NASD: OKTA) will replace Kenvue Inc. (KVUE ) in the S&P 500, part of a set of constituent changes across the S&P 500, S&P MidCap 400 and S&P SmallCap 600 effective prior to the opening of trading on Wednesday, November 4, 2026.

The index provider said Okta, currently an S&P MidCap 400 constituent classified in the Information Technology sector, will move into the S&P 500 in place of Kenvue, a Consumer Staples constituent. S&P 500 constituent Kimberly-Clark (KMB ) (NASD: KMB) is acquiring Kenvue in a deal the announcement said is expected to be completed soon, pending final closing conditions. S&P SmallCap 600 constituent Glaukos Corp., classified in Health Care, will replace Okta in the S&P MidCap 400, and McGrath RentCorp (MGRC ) (NASD: MGRC), an Industrials company, will replace Glaukos in the S&P SmallCap 600.

In a separate action, Loar Holdings Inc. (LOAR ), classified in Industrials, will replace LiveRamp Holdings Inc. (RAMP ), an Information Technology constituent, in the S&P SmallCap 600. Publicis Groupe SA (PU4.DE ) is acquiring LiveRamp in a deal the index provider said is expected to close soon, pending final closing conditions.

The announcement’s summary table lists the following eight additions and deletions, all effective November 4, 2026:

Acquisition Behind the S&P 500 Change

Kimberly-Clark and Kenvue said in a joint announcement dated November 3, 2025 that Kimberly-Clark will acquire all outstanding shares of Kenvue common stock in a cash-and-stock transaction valuing Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly-Clark common stock on October 31, 2025. Under the terms, which the companies said were unanimously approved by each company’s board of directors, Kenvue shareholders will receive $3.50 per share in cash plus 0.14625 Kimberly-Clark shares for each Kenvue share held at closing, a total consideration of $21.01 per share based on the October 31, 2025 close.

Upon closing, current Kimberly-Clark shareholders are expected to own approximately 54% and current Kenvue shareholders approximately 46% of the combined company on a fully diluted basis, according to the announcement. Mike Hsu will serve as chairman and chief executive officer of the combined company, which will maintain Kimberly-Clark’s headquarters in Irving, Texas, and three members of the Kenvue board will join the Kimberly-Clark board at closing.

The companies said they had identified approximately $1.9 billion in cost synergies and approximately $500 million in incremental profit from revenue synergies, and projected that the combined company would generate 2025 annual net revenues of approximately $32 billion and approximately $7 billion of adjusted EBITDA. Kimberly-Clark said it had received committed financing from JPMorgan Chase Bank, N.A. and intended to fund the cash component through balance sheet cash, new debt issuance, and proceeds from the previously announced sale of a 51% interest in its International Family Care and Professional business.

On January 29, 2026, the companies said in a release that shareholders of both companies had approved all proposals necessary to complete the acquisition at special meetings held that day. Based on preliminary voting results, approximately 96% of the shares present at Kimberly-Clark’s special meeting were voted to approve the share issuance, while approximately 99% of the shares voted at Kenvue’s special meeting, representing approximately 77% of all outstanding shares, were voted to adopt the merger agreement. “We are grateful to Kimberly-Clark shareholders who voted resoundingly in support of our combination with Kenvue,” Hsu said in that release. The companies said the transaction remained expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions.

Acquisition Behind the SmallCap 600 Change

Publicis Groupe said in a release dated May 17, 2026 that it had entered into an agreement to acquire LiveRamp for $38.50 per share in an all-cash transaction with a total enterprise value of $2.167 billion. Publicis stated the transaction represents a total equity value of $2.546 billion, including acquired net cash of $379 million, and that the purchase price represents a 29.8% premium to LiveRamp’s closing share price on May 15, 2026, the last trading day before the announcement.

The transaction was unanimously approved by the boards of directors of both companies and was expected to close before year-end 2026, subject to regulatory approvals, approval by LiveRamp’s shareholders, and other closing conditions, Publicis said. The company described LiveRamp as a global data collaboration platform with 1,300 employees that connects over 25,000 publisher domains and 500+ technology and data partners across 14 markets, and said LiveRamp, which has a fiscal year ending March 31, had delivered a trailing five-year compound annual growth rate of 13%.

Following the acquisition, LiveRamp will continue to be led by CEO Scott Howe, who will report directly to Publicis Groupe chairman and CEO Arthur Sadoun, and LiveRamp’s results will be reported within the Groupe’s Technology segment, according to the release. “This transaction also represents the best path forward for our shareholders, delivering significant and certain cash value at a compelling premium,” Howe said in the announcement.

Publicis Groupe said it expects to fund the purchase price with cash on hand and debt. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Publicis Groupe, and BofA Securities, Inc. as financial advisor, while Sullivan & Cromwell LLP is serving as legal advisor to LiveRamp and Evercore as financial advisor, according to the announcement.