(Reuters) – A private equity firm Carlyle Group (NASDAQ:) is in exclusive talks to acquire Vantive, a unit of Baxter International (NYSE:), focused on renal care for more than $4 billion, including debt, a person familiar with the matter told Reuters on Friday.
Shares of the Deerfield, Illinois-based company rose more than 4%.
The parties had started exclusive negotiations in late June, the source said, adding that a deal could be announced in the coming weeks.
Medical device maker Baxter said in March it had been in talks with select private equity investors to explore a potential sale of its renal care unit, more than a year after announcing plans to spin off the unit amid supply chain challenges and weak demand for dialysis operations.
Baxter had said it plans to spin off the unit in the second half of the year.
Baxter declined to comment while Carlyle did not immediately respond to a Reuters request for comment.
The Wall Street Journal was the first to report on the matter.