Carlyle Agrees to Buy Baxter’s Kidney Care Business for $3.8B

Global investment firm Carlyle has signed an agreement to acquire the kidney care segment of Baxter International Inc., to be called Vantive. The $3.8 billion transaction is expected to close in late 2024 or early 2025.

Baxter’s portfolio includes kidney care, diagnostic, critical care, nutrition, hospital, and surgical products used across patient homes, hospitals, physician offices, and other sites of care. In January 2023, the company announced plans to create a standalone kidney care company. Just over a year later, they were in talks to explore a potential sale of the segment.

Carlyle, which has invested in medical technology and diagnostic companies totaling over $40 billion in enterprise value, is partnering with Atmas Health on the Vantive investment. Kieran Gallahue, one of Atmas’ three co-founders, will serve as chair of Vantive, working alongside Chief Executive Officer Chris Toth.

Vantive offers products and services for peritoneal dialysis, hemodialysis, and organ support therapies, including continuous renal replacement therapy. The business has more than 23,000 employees worldwide.