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Baxter FOR IMMEDIATE RELEASE Media Contacts Baxter : Lauren Russ , ( 224 ) 948-5353 media@baxter.com Hillrom : Howard Karesh , ( 312 ) 819-7268 howard.karesh@hillrom.com Investor Contacts Baxter : Clare Trachtman , ( 224 ) 948-3020 clare trachtman@baxter.com Hillrom : Mary Kay Ladone , ( 312 ) 819-9387 marykay.ladone@hillrom.com II Hillrom .. BAXTER TO ACQUIRE HILLROM , EXPANDING CONNECTED CARE AND MEDICAL INNOVATION GLOBALLY Transaction valued at $ 156.00 per Hillrom Share for an All - Cash Purchase Price of $ 10.5 Billion • 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 • Builds on Baxter's global footprint to expand Hillrom's penetration of international markets • Creates significant opportunities to position Baxter for faster top- and bottom - line growth • Expected to generate high single - digit ROIC by year five DEERFIELD , ILL . , and CHICAGO , Sept. 2 , 2021 - Baxter International Inc. ( NYSE : BAX ) , a leading global medical products company , and Hillrom ( NYSE : HRC ) , a global medical technology leader , today 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 .