Baxter to acquire Hillrom for $12.4B

September 2, 2021  –  Baxter International Inc. and Hillrom announced that the companies have entered into a definitive agreement under which Baxter has agreed to acquire Hillrom for $156.00 per share in cash for a total equity value of approximately $10.5 billion and a total enterprise value of approximately $12.4 billion, including the assumption of debt.

The companies said that Hillrom’s highly complementary product portfolio and innovation pipeline will enable Baxter to provide a broader array of medical products and services to patients and clinicians across the care continuum.

The combination is also expected to accelerate the companies’ expansion into digital and connected care solutions that are increasingly enabling patients with access to hospital-level care at home or in other care settings.

Baxter will finance the transaction through a combination of cash and fully committed debt financing.

The Boards of Directors of both companies have unanimously approved the acquisition. The transaction is subject to the approval of Hillrom shareholders and the satisfaction of customary closing conditions, including regulatory approvals.

The transaction is expected to close by early 2022.

As a result of the proposed acquisition, Baxter’s 2021 Investor Conference, originally scheduled for Sept. 20, will be rescheduled to a date following the transaction’s completion in order to allow Baxter to provide an updated strategic and financial outlook inclusive of the combined organizations.

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