DEERFIELD, Ill. & NEW YORK--(BUSINESS WIRE)--Baxter International Inc. (NYSE:BAX), a global medtech leader, and funds managed by global investment firm Carlyle (NASDAQ:CG) today announced that they have signed a definitive agreement under which Carlyle is to acquire Baxter’s Kidney Care segment, to be named Vantive, for $3.8 billion..

伊利诺伊州迪尔菲尔德（DEERFIELD）和纽约（BUSINESS WIRE）--全球医疗技术领导者巴克斯特国际公司（NYSE:BAX）以及全球投资公司凯雷（NASDAQ:CG）管理的基金今天宣布，他们已经签署了一份最终协议，根据该协议，凯雷将以38亿美元收购巴克斯特的肾脏保健部门，命名为Vantive。。

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. Baxter announced its 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.

根据最终协议的条款，根据某些收盘调整，巴克斯特将收到约35亿美元的现金，税后净收益目前估计约为30亿美元。巴克斯特于2023年1月宣布打算创建一家独立的肾脏护理公司，作为其更广泛战略调整的一部分，旨在提高未来绩效并为所有利益相关者创造价值。

In March 2024, Baxter announced that it was in discussions to explore a potential sale of the segment. After reviewing the financial impact of the potential separation pathways, management and the Baxter Board determined that selling the business to Carlyle should maximize value for Baxter stockholders and best position Baxter and Vantive for long-term success, with enhanced flexibility to deploy capital toward opportunities that seek to accelerate each company’s respective growth objectives.

2024年3月，巴克斯特宣布正在讨论探索该细分市场的潜在销售。在审查了潜在分离途径的财务影响后，管理层和巴克斯特董事会决定，将业务出售给凯雷应该为巴克斯特股东带来最大价值，并为巴克斯特和Vantive的长期成功提供最佳定位，同时增强部署资本的灵活性，以寻求加速每家公司各自增长目标的机会。

Baxter intends to use after-tax proceeds from the transaction to reduce its debt, consistent with its stated capital allocation priorities..

巴克斯特打算使用交易产生的税后收益来减少其债务，这符合其规定的资本配置优先级。。

Carlyle has been a leading private equity investor in the medtech sector over the past decade, with investments in medical technology and diagnostic companies totaling over $40 billion in enterprise value. Moreover, Carlyle’s investment in Vantive is 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.

在过去十年中，凯雷一直是医疗技术领域领先的私人股本投资者，对医疗技术和诊断公司的投资总额超过400亿美元。此外，凯雷对Vantive的投资是与Atmas Health合作进行的，Atmas Health是三位行业高管于2022年9月成立的合作伙伴，专注于收购和建立一家市场领先的医疗保健业务。

The partnership, consisting of Kieran Gallahue, Jim Hinrichs, and Jim Prutow, brings a proven track record of creating value in the medical technology industry. Kieran Gallahue will serve as the Chairman of Vantive, working with CEO Chris Toth and the Vantive management team..

该合作伙伴关系由基兰·加拉赫（KieranGallahue）、吉姆·辛里奇斯（JimHinrichs）和吉姆·普鲁托（JimPrutow）组成，在医疗技术行业创造价值方面取得了良好的业绩。基兰·加拉赫（KieranGallahue）将担任Vantive董事长，与首席执行官克里斯·托斯（ChrisToth）和Vantive管理团队合作。。

“Today’s announcement represents another critical step forward in the strategic transformation process we announced in early 2023. As a result of this proposed transaction, Baxter will emerge a more focused and more efficient company, better positioned to redefine healthcare delivery and advance innovation that benefits patients, customers and shareholders,” said José (Joe) E.

“今天的宣布标志着我们在2023年初宣布的战略转型过程中又向前迈出了关键的一步。这项拟议交易的结果是，巴克斯特将成为一家专注度更高、效率更高的公司，能够更好地重新定义医疗保健服务，推进创新，造福患者、客户和股东，”José（Joe）E说。

Almeida, chair, president and chief executive officer at Baxter. “I am confident that, under Carlyle’s stewardship and Chris Toth’s leadership, the Vantive team will continue to build on the business’s 70-year legacy as a pioneer in kidney disease and vital organ therapies.”.

阿尔梅达，巴克斯特董事长、总裁兼首席执行官。“我相信，在凯雷（Carlyle）的领导和克里斯·托斯（ChrisToth）的领导下，Vantive团队将继续巩固其作为肾脏疾病和重要器官治疗先驱的70年历史。”。

Vantive is a leader in global kidney care, offering products and services for peritoneal dialysis, hemodialysis and organ support therapies, including continuous renal replacement therapy (CRRT). The business has more than 23,000 employees globally and had 2023 revenues of $4.5 billion.

Vantive是全球肾脏护理领域的领导者，为腹膜透析、血液透析和器官支持疗法（包括连续肾脏替代疗法（CRRT））提供产品和服务。该公司在全球拥有23000多名员工，2023年收入为45亿美元。

“I look forward to partnering with the combined Carlyle and Atmas team and working with my colleagues to advance Vantive’s mission of extending lives and expanding possibilities,” said Chris Toth, executive vice president and group president, Kidney Care at Baxter, who will serve as Vantive’s CEO. “Today’s announcement signals a new chapter in innovation on behalf of the patients and care teams around the world who rely on our solutions.

巴克斯特执行副总裁兼肾脏保健集团总裁克里斯·托斯（ChrisToth）表示：“我期待着与凯雷和Atmas的联合团队合作，并与我的同事合作，推进Vantive延长寿命和扩大可能性的使命。”。“今天的宣布标志着世界各地依赖我们解决方案的患者和护理团队在创新方面翻开了新的篇章。

Through this transaction, Vantive will be well-positioned to deepen our commitment to elevating dialysis through digital solutions and advanced services, while looking beyond kidney care to invest in transforming vital organ therapies.”.

通过这项交易，Vantive将处于有利地位，通过数字解决方案和先进服务深化我们对提高透析水平的承诺，同时超越肾脏护理，投资于改变重要器官疗法。”。

“The Atmas team is excited to support the growth of the Vantive business under the leadership of Chris Toth. We look forward to working together to build upon Vantive’s track record of patient-focused innovation and create long-term value in this next phase of the company’s development,” commented Kieran Gallahue, co-founder of Atmas and chairman of Vantive upon closing of the transaction..

“Atmas团队很高兴在克里斯·托斯（Chris Toth）的领导下支持Vantive业务的发展。我们期待着共同努力，以Vantive以病人为中心的创新记录为基础，并在公司下一阶段的发展中创造长期价值，”Atmas联合创始人兼Vantive董事长基兰·加拉胡（Kieran Gallahue）在交易结束时评论道。。

“Vantive is a strong, growing business with market-leading franchises, and we are delighted to partner with the Vantive team to pursue their strategic vision through the separation from Baxter and transformation into a standalone global business,” said Robert Schmidt, Carlyle’s Global Co-Head of Healthcare.

卡莱尔医疗保健全球联席主管罗伯特·施密特（RobertSchmidt）表示：“华帝是一家实力强大、不断发展的企业，拥有市场领先的特许经营权，我们很高兴与华帝团队合作，通过与巴克斯特（Baxter）的分离，转变为独立的全球业务，实现其战略愿景。”。

“Carlyle is uniquely positioned to support management in that pursuit with our global investing platform across the Americas, EMEA and Asia, where each of our regional teams will partner with Vantive to seek to ensure the success of the business, its employees, as well as its customers and their ultimate patients worldwide.”.

“凯雷凭借我们在美洲、欧洲、中东和非洲以及亚洲的全球投资平台，为管理层提供了独特的支持，我们的每个区域团队都将与Vantive合作，以确保业务、员工、客户及其全球最终患者的成功。”。

Transaction Timing and Details

交易时间和细节

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.

该交易预计将于2024年末或2025年初完成，前提是获得常规监管批准并满足其他交割条件。

Perella Weinberg Partners LP and J.P. Morgan Securities LLC are serving as financial advisors to Baxter, and Sullivan & Cromwell LLP and Baker McKenzie are serving as legal advisors to Baxter. Barclays and Goldman Sachs & Co. LLC are serving as financial advisors, and Kirkland & Ellis LLP is serving as legal counsel to Carlyle..

Perella Weinberg Partners LP和J.P.Morgan Securities LLC担任巴克斯特的财务顾问，Sullivan＆Cromwell LLP和Baker McKenzie担任巴克斯特的法律顾问。巴克莱（Barclays）和高盛（Goldman Sachs＆Co.LLC）担任财务顾问，柯克兰德（Kirkland＆Ellis）有限责任合伙（LLP）担任凯雷（Carlyle）的法律顾问。。

Baxter Highlights Preliminary Financial Expectations Following Pending Kidney Care Divestiture

巴克斯特（Baxter）强调了即将进行的肾脏护理剥离后的初步财务预期

Following the completion of the pending sale of Kidney Care, Baxter is targeting operational sales growth of 4% to 5% annually1 driven by innovation and continued market expansion. For 2025, the company anticipates an adjusted operating margin1 of approximately 16.5% on a continuing operations basis, which reflects an anticipated 100 basis point negative impact due to stranded costs, net of anticipated transition service agreement (TSA) income, and the manufacturing supply agreement (MSA) the company will enter into upon the completion of the divestiture of the Kidney Care segment.

随着肾脏护理待售项目的完成，巴克斯特的目标是在创新和持续的市场扩张的推动下，实现每年4%至5%的运营销售增长1。2025年，公司预计在持续经营的基础上，调整后的营业利润率约为16.5%，这反映了由于滞留成本、预计过渡服务协议（TSA）收入和公司将在肾脏保健部门剥离完成后签订的制造供应协议（MSA）而产生的预计100个基点的负面影响。

Baxter will continue to prioritize capital allocation and expects to direct investments toward higher-growth, higher-return opportunities to drive incremental value. To support these efforts, the company will continue to focus on deleveraging and expects to reach its investment-grade target of below 3.0X by the end of 2025, after utilizing proceeds from the sale of Kidney Care to repay outstanding debt, which may include repayment of its new bridge facility.

巴克斯特将继续优先考虑资本配置，并预计将投资导向更高的增长率和更高的回报机会，以推动增值。为了支持这些努力，该公司将继续专注于去杠杆化，预计到2025年底，在利用出售肾脏护理的收益偿还未偿债务（可能包括偿还其新的过桥贷款）后，将达到低于3.0倍的投资级目标。

Additionally, the company currently expects to fully offset stranded costs and loss of TSA income in 2027 through cost containment initiatives, some of which are already underway, which will further support the company’s objective of delivering annual adjusted operating margin expansion. Related slides for investors can be accessed from the Investor Relations section of the company’s website at www.baxter.com..

此外，该公司目前预计将通过成本控制举措，在2027年完全抵消搁浅的成本和TSA收入的损失，其中一些举措已经在进行中，这将进一步支持该公司实现年度调整后营业利润率扩张的目标。投资者的相关幻灯片可从公司网站www.baxter.com的投资者关系部分访问。。

Baxter plans to provide additional details regarding the company’s longer-term strategic and financial outlook at an investor conference in 2025. In addition, the company expects to post financial schedules reflecting the Kidney Care segment as a discontinued operation for certain historical periods prior to the release of its third-quarter 2024 earnings results..

巴克斯特计划在2025年的投资者会议上提供有关公司长期战略和财务前景的更多细节。此外，该公司预计在发布2024年第三季度盈利结果之前，将公布反映肾脏保健部门在某些历史时期停止经营的财务报表。。

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1 Operational sales growth and adjusted operating margin are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section below for additional information.

1营业销售额增长和调整后营业利润率是非GAAP财务指标。有关更多信息，请参阅下面的“非GAAP财务指标”部分。

About Baxter

关于巴克斯特

Every day, millions of patients, caregivers and healthcare providers rely on Baxter’s leading portfolio of diagnostic, critical care, kidney care, nutrition, hospital and surgical products used across patient homes, hospitals, physician offices and other sites of care. For more than 90 years, we’ve been operating at the critical intersection where innovations that save and sustain lives meet the healthcare providers who make it happen.

每天，数以百万计的患者、护理人员和医疗保健提供者依赖巴克斯特领先的诊断、重症监护、肾脏护理、营养、医院和外科产品组合，这些产品用于患者之家、医院、医生办公室和其他护理场所。90多年来，我们一直在关键的十字路口运营，在那里，拯救和维持生命的创新与实现这一目标的医疗保健提供者相遇。

With products, digital health solutions and therapies available in more than 100 countries, Baxter’s employees worldwide are now building upon the company’s rich heritage of medical breakthroughs to advance the next generation of transformative healthcare innovations. To learn more, visit www.baxter.com and follow us on X, LinkedIn and Facebook..

百特在全球100多个国家提供产品、数字健康解决方案和疗法，百特的全球员工现在正以公司丰富的医学突破传统为基础，推动下一代变革性医疗创新。要了解更多信息，请访问www.baxter.com，并在X、LinkedIn和Facebook上关注我们。。

About Carlyle

关于凯雷

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest.

凯雷（NASDAQ:CG）是一家拥有深厚行业专业知识的全球投资公司，在其业务中部署私人资本，并通过三个业务部门进行运营：全球私人股本、全球信贷和全球投资解决方案。截至2024年6月30日，凯雷管理着4350亿美元的资产，其目的是代表其投资者、投资组合公司以及我们生活和投资的社区进行明智的投资并创造价值。

Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group..

凯雷在四大洲的29个办事处拥有2200多名员工。更多信息请访问www.carlyle.com。关注凯雷X@OneCarlyle和凯雷集团LinkedIn。。

Non-GAAP Financial Measures

非GAAP财务指标

This release contains certain forward-looking financial measures that are not calculated in accordance with U.S. GAAP (Generally Accepted Accounting Principles). The forward-looking non-GAAP financial measures include targeted annual operational sales growth and targeted adjusted operating margin for 2025.

本版本包含某些前瞻性财务指标，这些指标不是根据美国公认会计准则（GAAP）计算的。前瞻性非公认会计准则财务指标包括2025年的目标年营业销售额增长率和目标调整营业利润率。

Those measures are provided on a continuing operations basis and exclude any impact of the Kidney Care segment, which will be reported as a discontinued operation..

这些措施是在持续经营的基础上提供的，不包括肾脏护理部门的任何影响，肾脏护理部门将被报告为停止经营。。

Targeted annual operational sales growth represents the company’s targeted future sales growth excluding sales to Vantive under the MSA and assuming foreign currency exchange rates remain constant in future periods. Targeted adjusted operating margin represents targeted adjusted operating income (operating income excluding special items that may occur during the forecast period) divided by targeted net sales..

目标年运营销售额增长率代表公司未来的目标销售额增长率，不包括MSA下对Vantive的销售额，并假设未来期间外币汇率保持不变。目标调整营业利润率表示目标调整营业收入（不包括预测期内可能发生的特殊项目的营业收入）除以目标净销售额。。

Baxter has not provided reconciliations of targeted annual operational sales growth to a forward-looking estimate of annual GAAP sales growth or targeted adjusted operating margin to a forward-looking estimate of GAAP operating margin because the company is unable to predict with reasonable certainty the impact of legal proceedings, future business optimization actions, separation-related costs, integration-related costs, asset impairments, unusual gains and losses, and changes in foreign currency exchange rates, and the related amounts are unavailable without unreasonable efforts (as specified in the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K).

巴克斯特没有将目标年度经营销售额增长与年度GAAP销售增长的前瞻性估计进行对账，也没有将目标调整后的营业利润与GAAP营业利润的前瞻性估计进行对账，因为公司无法合理确定地预测法律诉讼、未来业务优化行动、分离相关成本、整合相关成本、资产减值、异常损益和外币汇率变化的影响，如果没有不合理的努力，相关金额是不可用的（如S-K条例第10（e）（1）（i）（B）项所规定的例外情况）。

In addition, Baxter believes that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance..

此外，巴克斯特认为，这种对账将意味着一定程度的准确性和确定性，可能会让投资者感到困惑。这些项目可能会对GAAP财务业绩指标产生重大影响。。

Forward-Looking Statements

前瞻性声明

This press release contains forward-looking statements related to the proposed transaction between Baxter International Inc. and Carlyle, including Baxter’s estimated after-tax proceeds from the proposed transaction, the expected timeframe for completing the proposed transaction, strategic and other potential benefits of the transaction and other statements about future beliefs, goals, plans or prospects for Vantive and Baxter (including select longer-term financial forecasts for Baxter’s remaining business following completion of the pending divestiture).

本新闻稿包含与百特国际公司和凯雷之间拟议交易相关的前瞻性声明，包括百特对拟议交易的税后收益估计、完成拟议交易的预期时间框架、交易的战略和其他潜在利益，以及关于Vantive和百特未来信念、目标、计划或前景的其他声明（包括完成未决资产剥离后百特剩余业务的部分长期财务预测）。

These forward-looking statements are subject to risks and uncertainties that include, among other things, risks related to the receipt of customary regulatory approvals and the satisfaction of other closing conditions in the anticipated timeframe or at all, including the possibility that the proposed transaction does not close; risks related to the ability to realize the anticipated strategic, financial or other benefits of the proposed transaction, and other risks identified in Baxter's most recent filings on Form 10-K and Form 10-Q and other SEC filings, all of which are available on Baxter's website.

这些前瞻性声明具有风险和不确定性，其中包括与在预期时间范围内或根本不满足其他交割条件有关的收到习惯监管批准的风险，包括拟议交易不成交的可能性；与实现拟议交易的预期战略、财务或其他利益的能力相关的风险，以及巴克斯特最近在10-K表和10-Q表上提交的文件以及其他SEC文件中确定的其他风险，所有这些都可以在巴克斯特的网站上找到。

Actual results could differ materially from anticipated results. Baxter does not undertake to update its forward-looking statements or any of the statements contained in this press release..

实际结果可能与预期结果存在重大差异。巴克斯特不承诺更新其前瞻性声明或本新闻稿中包含的任何声明。。

Baxter is a registered trademark of Baxter International Inc. or its subsidiaries.

Baxter是Baxter International Inc.或其子公司的注册商标。