Carlyle to Buy Baxter’s Kidney-Care Unit for $3.8 Billion

Baxter International Inc. said it will sell its kidney-care unit to the Carlyle Group private equity firm for $3.8 billion, part of the health care company’s efforts to streamline and pay down debt.

Baxter will receive about $3.5 billion in cash with net after-tax proceeds estimated at about $3 billion, which the company plans to use to cut debt, according to a statement Tuesday. The business, called Vantive, has more than 23,000 employees and had 2023 revenues of $4.5 billion, Baxter said.