Carlyle Acquires Baxter's Kidney Care Unit

Baxter International has agreed to sell its kidney care division, Vantive, to Carlyle Group for $3.8 billion, a move aimed at reducing Baxter's significant $13.8 billion debt. The deal, expected to close by early 2025, follows Baxter's strategic divestiture efforts which began after its $10.5 billion acquisition of Hill-Rom Holdings in 2022. Baxter CEO José Almeida expressed that this transaction will help the company become more focused and efficient, allowing it to better serve its patients and shareholders. Vantive, which generated $4.5 billion in revenue in 2023 and employs over 23,000 people, will continue to operate independently under Carlyle's management. This acquisition is part of a broader trend of increased private equity activity in the healthcare sector, with Carlyle's ongoing strategy to enhance its healthcare investments through its Atmas Health platform. The sale is also seen as a critical step for Baxter in its ongoing transformation and financial restructuring efforts.