Baxter Stock Falls After it Unloads Kidney Care Division in $3.8B Deal

Core Insights - Baxter International's shares declined after the announcement of the sale of its kidney care division to Carlyle Group for $3.8 billion in cash [1] - The transaction is expected to yield approximately $3 billion in after-tax proceeds, which Baxter plans to use for debt reduction [1] - The deal is anticipated to close by early 2025, and Carlyle's investment is made in partnership with Atmas Health, with the unit to be renamed Vantive post-transaction [2] Company Performance - Following the announcement, Baxter's shares fell over 7%, marking it as one of the top decliners in the S&P 500, with a year-to-date decline of around 12% [1] - In contrast, Carlyle's shares experienced a slight increase of less than 1% [1]