Kirkland Advises Carlyle on $3.8 Billion Acquisition of Baxter’s Kidney Care Segment

Kirkland & Ellis is advising global investment firm Carlyle (NASDAQ: CG) on the $3.8 billion acquisition of global medtech company Baxter International Inc.'s (NYSE:BAX) kidney care segment, which will be named Vantive. The transaction was announced on August 13, 2024. Under the terms of the definitive agreement, subject to certain closing adjustments, Baxter will receive approximately $3.5 billion in cash with net after-tax proceeds currently estimated to be approximately $3 billion. Carlyle's investment in Vantive is being made in partnership with Atmas Health, a collaboration among three industry executives founded in September 2022 to focus on acquiring and building a market-leading healthcare business. Baxter announced the intention 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. In March 2024, the company announced that it was in discussions to explore a potential sale of the segment. The transaction is expected to close in late 2024 or early 2025, subject to receipt of customary regulatory approvals and satisfaction of other closing conditions.

Read the transaction press release

The Kirkland team is being led by corporate partners Armand Della Monica, Laura Steinke and Nils Remole; debt finance partners Jason Kanner and Justin Greer; tax partners Dean Shulman and Adam Kool; and technology & IP transactions partners Matt Lovell and Kevin Jacobsen.