Baxter Stock Falls After it Unloads Kidney Care Division in $3.8B Deal
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Key TakeawaysBaxter shares slid after the company agreed to sell its kidney care division to Carlyle for $3.8 billion in cash.The company plans to use the roughly $3 billion in after-tax proceeds to reduce its debt.Carlyle's investment is being made through a partnership with Atmas Health.
Shares of Baxter International (BAX) fell Tuesday after the company said it would sell its kidney treatment division to The Carlyle Group (CG) for $3.8 billion in cash.The deal is expected to generate roughly $3 billion in after-tax proceeds and close by early 2025. Baxter said it plans to use the proceeds to reduce its debt. Baxter shares were recently down more than 7%, making them one of the S&P 500's top decliners and extending the shares' year-to-date retreat to aroune 12%. Carlyle shares rose less than 1%.Carlyle’s investment in the kidney care company is done in partnership with Atmas Health. The unit will be named Vantive following the transaction. Read the original article on Investopedia.
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