DEERFIELD, Ill., March 1, 2007 - Baxter International Inc. (NYSE:BAX) announced today that it has completed the sale of its Transfusion Therapies business to Texas Pacific Group (TPG) and Maverick Capital Ltd. for $540 million.

 

TPG and Maverick Capital, Ltd. have established the new independent company as Fenwal Inc. Fenwal becomes one of the world's largest suppliers of products and services to the transfusion medicine industry, with a product portfolio of manual and automated blood-collection products and storage equipment, approximately 3,500 employees, and five manufacturing facilities located in Haina, Dominican Republic; La Chatre, France; Maricao and San German, Puerto Rico; and Bir Drassen, Tunisia.

 

Baxter will continue to provide certain manufacturing, distribution and support services to Fenwal for varying periods of time following the close, under transition agreements signed by the companies.

 

TPG is a private investment partnership that was founded in 1992 and currently has more than $30 billion of assets under management. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings.

 

Dallas and New York-based Maverick Capital, Ltd., a manager of private investment funds, is also an investor in this transaction.

 

Baxter International Inc., through its subsidiaries, assists healthcare professionals and their patients with the treatment of complex medical conditions, including hemophilia, immune disorders, cancer, infectious diseases, kidney disease, trauma and other conditions. The company applies its expertise in medical devices, pharmaceuticals and biotechnology to make a meaningful difference in patients' lives.