(Updates with details on the deal and context throughout)

April 8 (Reuters) - Australian glove maker Ansell Ltd said on Monday it will buy the personal protective equipment unit of U.S.-based Kimberly-Clark for $640 million, and expects to complete the acquisition in the first quarter of financial year 2025.

Acquisition will be funded by a A$400 million fully underwritten institutional placement and a new $377 million bridge facility, Ansell said in a statement.

The personal protective equipment division of Kleenex tissue maker Kimberly-Clark is engaged in creating and retailing specialized safety goods such as gloves, protective clothing, and safety eye-wear.

"With this acquisition we are enhancing our sales of specialist products designed for clean room applications, while also widening our portfolio of products sold into Scientific verticals," Ansell Managing Director and CEO Neil Salmon said.

Under the deal, Ansell and Kimberley-Clark (K-C) will enter a transitional services arrangement whereby K-C will offer a range of business support services to Ansell's customers, suppliers, and employees within a maximum 12-month period.

Ansell said it expects around $10 million per annum run-rate net cost synergies to be achieved by the third full year of ownership.

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Tom Hogue and Sherry Jacob-Phillips)