Carlyle to buy Baxter’s kidney-care spinoff Vantive for $3.8 billion
Carlyle to buy Baxter’s kidney-care spinoff Vantive for $3.8 billion
NEW YORK, Aug 13 (Reuters) – Buyout firm Carlyle Group (CG.O) struck a deal to acquire medical-device maker Baxter’s kidney-care unit Vantive for $3.8 billion, the companies said on Tuesday.
The proceeds from the deal, which is expected to close by early 2025, will help Baxter reduce its debt pile. Baxter, which paid down about $2.8 billion of debt last year after divesting its biopharma unit, had long-term debt of $13.8 billion at the end of 2023.
Baxter started exploring options for its kidney-care units after its $10.5 billion takeover of medical-equipment maker Hill-Rom in 2022. It began the process to carve out Vantive early in 2023.
“Vantive is a strong, growing business with market-leading franchises, and we are delighted to partner with the Vantive team to pursue their strategic vision through the separation from Baxter and transformation into a standalone global business,” said Robert Schmidt, Carlyle’s global co-head of healthcare.
Atmas Health, a healthcare investment platform that was formed by Carlyle in 2022, partnered with the firm on the deal for Vantive.
Baxter’s kidney-care operations generated about $4.5 billion in revenue last year and has more than 23,000 employees.
The Wall Street Journal reported Carlyle’s talks to acquire the Vantive unit in July.
Reuters Health
