On the Record · Baxter International

Baxter International acquisitions, on the record

The businesses Baxter International bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

Business	Deal	When	Value
Kidney Care business (Vantive Health LLC), sold to Carlyle Word for word“On January 31, 2025, we completed the sale of our Kidney Care business to Carlyle for an aggregate purchase price of $3.80 billion in cash, subject to certain closing cash, working capital and debt adjustments.” 10-K for 2024	divestiture	On January 31, 2025, we completed the sale of our Kidney Care business to Carlyle	aggregate purchase price of $3.80 billion in cash
BioPharma Solutions (BPS) business Word for word“On September 29, 2023, we completed the sale of our BPS business and received cash proceeds of $3.96 billion from that transaction.” 10-K for 2024	divestiture	On September 29, 2023	cash proceeds of $3.96 billion
Hillrom Holdings, Inc. Word for word“We acquired Hillrom on December 13, 2021 and recognized $6.83 billion of goodwill and $6.03 billion of other intangible assets, including $1.91 billion of indefinite-lived intangible assets, in connection with that acquisition.” 10-K for 2024	acquisition	December 13, 2021	—
Zosyn rights from a subsidiary of Pfizer Inc. Word for word“Under the terms of the acquisition, we paid the acquisition price of $122 million and received specified intellectual property, including patent rights, in the first quarter of 2022 and received additional intellectual property, including the product rights to Zosyn, in the first quarter of 2023.” 10-K for 2024	acquisition	—	acquisition price of $122 million
Kidney Care business (now Vantive Health LLC) Word for word“On January 31, 2025, we completed the sale of our Kidney Care business to Carlyle for an aggregate purchase price of $3.80 billion in cash, subject to certain closing cash, working capital and debt adjustments.” 10-K for 2025	divestiture	January 31, 2025	$3.80 billion in cash
Hillrom Word for word“In addition, we acquired Hillrom in 2021 and continue to work to fully integrate it into our business.” 10-K for 2025	acquisition	2021	—

As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year ended	Cash paid for acquisitions (net of cash acquired)	Goodwill from acquisitions
2016-12-31	$48 million	$3 million
2017-12-31	$686 million	$303 million
2018-12-31	$268 million	$32 million
2019-12-31	$418 million	$111 million
2020-12-31	$494 million	$34 million
2021-12-31	$10.5 billion	$6.79 billion
2022-12-31	$258 million	—
2023-12-31	$4 million	—
2024-12-31	$14 million	—
2025-12-31	$9 million	—

Deal filings since 2016

2026-08-18 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-12-04 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-11-25 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-06-12 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-02-03 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2024-08-13 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-07-18 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-03-21 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2023-10-02 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2023-05-09 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2023-03-13 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2022-09-30 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-12-13 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2021-12-02 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-11-17 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-10-04 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-09-02 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-11-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-03-27 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-12-20 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-10-09 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-01-08 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-03-24 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2016-01-11 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement

Read from Baxter International’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-12. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.