Shares of Baxter International (BAX) fell Tuesday after the company said it would sell its kidney treatment division to The Carlyle Group (CG) for $3.8 billion in cash.

The deal is e🧔xpected to generate roughly $3 billion in after-tax proceeds and close by early 2025. Baxter said it plans to use the proceeds to r🍎educe its debt. 

Baxter shares were recently down more than 7%, making them one of the S&P 500's top decliners and extending the shares' year-to-date retreat to aroune 12%. Carlyle shares rose less than 1%.

Carlyle’s investment in the kidney 𝕴care company is done in partnership with Atmas Health. T𒈔he unit will be named Vantive following the transaction.