Carlyle Group Acquires Baxter's Kidney-Care Unit Vantive in $3.8 Billion Deal

Carlyle Group agreed to buy Baxter’s kidney-care unit, Vantive, for $3.8 billion. The deal, set to close by early 2025, aims to help Baxter reduce debt. Vantive generated $4.5 billion in revenue last year. Carlyle's Atmas Health partnered on the acquisition, part of a broader trend of increasing private equity dealmaking.

Buyout firm Carlyle Group has reached an agreement to acquire the kidney-care division of Baxter International, Vantive, for a total of $3.8 billion, the companies announced on Tuesday.

The transaction, anticipated to finalize by early 2025, is designed to assist Baxter in lowering its debt, which stood at $13.8 billion at the end of 2023. The company had already paid down approximately $2.8 billion in debt last year following the divestiture of its biopharma unit. Baxter began exploring potential alternatives for its kidney-care segment after acquiring Hill-Rom for $10.5 billion in 2022.

Robert Schmidt, Carlyle’s global co-head of healthcare, stated, “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.” Carlyle's healthcare investment platform, Atmas Health, which was established in 2022, collaborated on the Vantive deal.