Baxter wins conditional EU clearance for Gambro takeover

BRUSSELS, July 22 Mon Jul 22, 2013 11:32am EDT

BRUSSELS, July 22 (Reuters) - U.S. dialysis equipment maker Baxter International secured EU regulatory approval on Monday for its proposed $4 billion acquisition of Swedish peer Gambro AB after pledging to divest a unit to allay competition concerns.

The European Commission said Baxter will sell its global continuous renal replacement therapy (CRRT) business including supply deals and intellectual property rights. Reuters had flagged the EU approval on July 10.

The CRRT division accounts for about 2 percent of Baxter's renal product sales. Baxter will also set up a line for the production of fluids used in CRRT to be located in a place designated by the buyer of the unit.

The Commission, tasked with ensuring a level playing field in the 28-country European Union, said Baxter's concessions addressed its concerns about the deal.

Baxter is buying Gambro from Swedish investment holding company Investor AB and its partly owned private equity company EQT.

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