(Reuters) – U.S. medtech firm Baxter International Inc said on Thursday it would buy rival Hill-Rom Holdings Inc for about $10.5 billion, adding smart hospital beds to its portfolio of patient monitoring and diagnostic products.
Baxter said it would pay $156 per Hill-Rom share, a premium of 7.5% to the stock’s last close.
Including debt, the deal is worth about $12.4 billion.
Medical equipment makers in recent months have broadened their offerings through acquisitions to cash in on the sector’s recovery from the pandemic-driven slump last year.
106-year-old Hill-Rom makes most of its revenue from its patient support systems, which include smart hospital beds. It also offers diagnostics, patient monitoring devices, and surgical solutions.
(Reporting by Dania Nadeem in Bengaluru; Editing by Ramakrishnan M.)
