05.12.2012 - Baxter International Inc. strengthens its dialysis business with the acquisition of Swedish Gambro AB.
Private equity investors sold the firm for about US-$4bn. Gambro has a product portfolio in global home dialysis. The acquisition positions Baxter as the worldwide number two in the dialysis market. The Swedish firm had about US$1.6bn in sales last year. Gambro is owned by Sweden’s EQT Partners AB and Investor AB which is the investment firm controlled by Sweden’s billionaire Wallenberg family.
According to sources, the negotiations started as early as one year ago.Matt Miksic, analyst with Piper Jaffray, welcomed the acquisition in a telephone interview with Bloomberg. “Baxter's renal division is a little bit undersized relative to some of their other businesses; this balances that a bit and gives it a little more weight.” “Both companies have a longstanding heritage in kidney care with innovative technologies and a dedication to saving, sustaining and improving the lives of patients worldwide,” said Guido Oelkers, president and chief executive officer of Gambro.
According to Baxter dialysis is a market that grows by more than 5% per year. The Gambro deal is a further step in the consolidation of the kidney dialysis market, where Gambro and Baxter compete against companies including U.S.-based DaVita HealthCare Partners Inc and Germany's Fresenius Medical Care AG. Baxter manufactures kidney dialysis equipment, drug infusion pumps and blood therapy products. The Gambro acquisition will round out Baxter's renal business, which accounted for almost one-fifth of the company's 2011 revenue of US-$13.89bn.
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