---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-199409"
form_type: "8-K"
ticker: "BAX"
cik: "0000010456"
company_name: "BAXTER INTERNATIONAL INC"
filed_at: "2024-08-13T23:59:59+00:00"
generated_at: "2026-05-31T09:33:46.637196+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Baxter agrees to sell Kidney Care segment (Vantive) to Carlyle for $3.8B cash

## Summary
- Baxter to receive ~$3.5B in cash; net after-tax proceeds ~$3B; to be used for debt reduction.
- Transaction expected close late 2024 or early 2025, subject to regulatory approvals.
- Vantive had 2023 revenue of $4.5B and 23,000 employees; Chris Toth to remain as CEO.
- Baxter targets 4-5% constant currency operational sales growth post-divestiture; adjusted operating margin ~16.5% for 2025.
- Baxter expects to reach below 3.0x leverage by end of 2025.

## SEC filing metadata
- accession: 0001193125-24-199409
- form_type: 8-K
- ticker: BAX
- cik: 0000010456
- company_name: BAXTER INTERNATIONAL INC
- filed_at: 2024-08-13T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/10456/000119312524199409/0001193125-24-199409-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/10456/000119312524199409/d878887d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-199409
- JSON: https://secwatch.observer/filing/0001193125-24-199409.json
- Plain text: https://secwatch.observer/filing/0001193125-24-199409.txt

## Key facts
- Executive change
  Chris Toth departed as Executive Vice President and Group President, Kidney Care at BAXTER INTERNATIONAL INC.
  - Action: cease serving
  - Role: Executive Vice President and Group President, Kidney Care
  source text: Chris Toth will cease serving as Executive Vice President and Group President, Kidney Care, and as an executive officer of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/10456/000119312524199409/0001193125-24-199409-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.