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Baxter International (NYSE:BAX) rose 4% after a report that private equity firm Carlyle Group (CG) is in talks to acquire the kidney care spinoff for more than $4 billion, including debt.
The parties entered into talks about the Vantive unit late last month, according to a WSJ report on Friday, which cited people familiar with the matter. It is still possible talks may fall apart, or another buyer may prevail.
The Vantive kidney care unit had sales of about $4.5 billion last year and employees more than 22,000.
Baxter (BAX) disclosed in early May that the company may sell its kidney care business rather than spinning it out, as had been previously planned. In a filing at the time, Baxter said it has been in talks with certain private equity investors about selling the business.