Carlyle Group Acquires Baxter’s Vantive in $3.8 Billion Medtech Deal

The Carlyle Group is finalizing a significant acquisition in the medtech sector, purchasing Baxter’s Vantive kidney care group in a deal valued at $3.8 billion. This move comes after months of speculation about Carlyle’s interest in acquiring divisions from companies looking to streamline their operations. Baxter, which will net approximately $3 billion from the sale after taxes, originally planned to spin off its dialysis, organ support, and acute renal therapy portfolios into an independent venture by the end of the year.

Baxter announced the spin-off in January 2023, highlighting that these units generated over $4.45 billion in revenue last year and served more than a million patients in 70 countries. The sale of Vantive, along with a previous $4.25 billion sale of its biopharma solutions business, is part of Baxter’s strategy to pay down debt from its 2021 acquisition of Hill-Rom and streamline its focus on core healthcare delivery innovations. Baxter CEO José Almeida expressed confidence that under Carlyle's ownership, Vantive would continue to lead in kidney disease and vital organ therapies.

Carlyle’s acquisition of Vantive is expected to close by the end of the year or early next year, with Chris Toth, Baxter’s group president of kidney care, set to become CEO. Carlyle, in collaboration with Atmas Health, plans to support Vantive’s transformation into a standalone global business, continuing its legacy as a pioneer in kidney care while expanding its market reach. This deal underscores Carlyle’s commitment to strengthening its medtech portfolio, which already includes investments in Medline and QuidelOrtho.

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