Medtech firm Baxter to buy rival Hillrom for $10.5 billion
The acquisition aims to expand digitally enabled connected care, especially beyond hospital settings, and provide a broader array of services to clinicians and patients.
U.S.-based medical products maker Baxter International Inc. has announced plans to buy competitor HillRom Holdings Inc. for approximately US$10.5 billion.
In a statement, officials with Deerfield, Ill.-based Baxter said that Hillrom brings a complementary product portfolio and innovation pipeline that will allow it to expand its medical products and services. The deal is also expected to accelerate the companies’ expansion into digital and connected care solutions.
“The Baxter-Hillrom combination will expand access to Hillrom’s portfolio globally; broaden the presence of the combined companies across sites of care; accelerate and strengthen the combined organization’s digital transformation; and is expected to generate compelling financial returns for Baxter’s shareholders,” Baxter officials said.
The transaction is expected to close by early 2022.
Chicago-based Hillrom makes a range of equipment including hospital beds, stretchers, patient monitors, operating tables and electrocardiographs.