百特将以38亿美元将肾脏护理部门剥离给凯雷

Baxter International (NYSE:BAX) has agreed to divest its Vantive Kidney Care Segment to global investment firm Carlyle (NASDAQ:CG) for $3.8B.

Pursuant to the definitive agreement, which is expected to close in late 2024 or early 2025, Baxter will receive around $3.5B in cash, with net after-tax proceeds currently estimated to be ~$3B. The company will use after-tax proceeds from the transaction to reduce its debt.

Baxter (BAX) announced plans to create a standalone kidney care company in January 2023 as part of its broader strategic realignment designed to enhance future performance and create value for all stakeholders. The med-tech firm later said in March this year that it was in discussions to explore a potential sale of the segment.

The sale follows robust process focused on maximizing stockholder value, providing increased flexibility to deploy capital toward opportunities to accelerate Baxter’s and Vantive’s respective growth objectives, the press release read.

Upon completion of the pending sale, Baxter (BAX) expects operational sales growth of 4% to 5% annually. For 2025, the company expects an adjusted operating margin of ~16.5% on a continuing operations basis, which reflects an anticipated 100 basis point negative impact due to stranded costs, net of anticipated transition service agreement income, and the manufacturing supply agreement the company will enter into upon the completion of the sale.

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