Baxter to acquire Hillrom in $10.5B medical products deal

By The Associated Press

DEERFIELD, Ill. (AP) — Medical products company Baxter International said Thursday it will acquire medical technology firm Hillrom for $10.5 billion in cash. Baxter will also absorb Hillrom’s debt and cash, bringing the total value of the deal to $12.4 billion. Baxter will pay Hillrom shareholders $156 per share, a 26% premium on its closing price on July 27, when speculation about a deal began to spread. Hillrom shares closed at $145.06 on Thursday and were up more than 3% in premarket trading, to $149.75. The deal has been agreed upon by both companies’ boards and is expected to close in early 2022.