BATESVILLE, IN — Hospital bed and patient-monitoring device manufacturer Hill-Rom Holdings Inc. is being purchased by medical tech firm Baxter International in a blockbuster $10.5 billion cash deal, or $156 a share.
Both firms made the announcement Thursday morning and noted the total enterprise value of the acquisition is $12.4 billion, which includes debt assumption.
The boards of both companies unanimously approved the deal, but the acquisition needs approval from Hill-Rom shareholders along with regulatory approval. The deal is expected to close by early 2022.
Both companies are based in the Chicago area, but Hill-Rom has its roots and a strong manufacturing presence in Southeastern Indiana.
Hill-Rom was started in 1929 as a sister company of Batesville Casket as part of Hillenbrand Industries. The two companies split in 2008, and Hill-Rom moved its headquarters to Chicago in 2015. Hill Rom still employs as many 1,900 people in Batesville.
