BAXTER INTERNATIONAL INC acquires Hill-Rom Holdings, Inc. (Hillrom)

BAXTER INTERNATIONAL INC acquired Hill-Rom Holdings, Inc. (Hillrom) for $156.00 per share, approximately $10.5 billion equity value (approximately $12.8 billion enterprise value including assumed debt), a transaction completed in December 2021, structured as all cash.

Hill-Rom Holdings, Inc. (Hillrom) operates in Connected care / medical technology, is based in Chicago, Illinois, USA (global operations), had revenue of about Approximately $2.9 billion in net sales (per Baxter's acquisition announcement). Hillrom is a global medical technology leader whose products and services help enable earlier diagnosis and treatment, optimize surgical efficiency, and accelerate patient recovery while shifting care closer to home, including smart bed systems, patient monitoring and diagnostic technologies, respiratory health devices and advanced surgical equipment.

Brings together two leading medical technology companies to broaden access to care in the hospital, home and alternate site settings, accelerates digitally-enabled connected care solutions across the continuum of care, and builds on Baxter's global footprint to expand Hillrom's penetration of international markets.

Adds a global connected-care and medical-technology platform spanning the hospital, home and alternate-site settings, with expected high-single-digit ROIC by year five. Baxter expected the transaction to generate high-single digit return on invested capital (ROIC) by year five and significant cost synergies. Operated as Baxter's new global Hillrom segment

Advisory firms were not disclosed for this transaction.