Baxter completes $10.5B acquisition of Hillrom; expects $250M annual cost synergies

BAXTER INTERNATIONAL INC

Baxter paid $156.00/share in cash for Hillrom; total equity purchase price ~$10.5B, enterprise value ~$12.5B.
Expects ~$250M annual pre-tax cost synergies by year 3; low double-digit adjusted EPS accretion in first full year.
Nancy Schlichting appointed to Baxter board; John Forsyth to retire May 2022.
Financed with $7.8B bonds, $4.0B term loans; weighted average cost ~2%, maturity ~7 years.
Combined company creates ~$15B global medtech leader; expects to delever to 2.75x net debt/EBITDA in 2 years.

item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

John D. Forsyth

Director

BAX · BAXTER INTERNATIONAL INC

Effective: 2022-05-01
Filed: December 13, 2021, 6:59 PM ET

On December 9, 2021, Mr. John D. Forsyth notified the Company of his decision to retire from the Board, and the Board’s Nominating, Corporate Governance & Public Policy Committee and Compensation Committee, in each case effective as of May 1, 2022.

Appointed

Nancy M. Schlichting

Director

BAX · BAXTER INTERNATIONAL INC

Effective: 2021-12-13
Filed: December 13, 2021, 6:59 PM ET

On December 13, 2021, the Company appointed Ms. Nancy M. Schlichting to the Board of Directors of the Company

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

John D. Forsyth retired as Director at BAXTER INTERNATIONAL INC.

Action: retired
Role: Director

Exact text from the filing

On December 9, 2021, Mr. John D. Forsyth notified the Company of his decision to retire from the Board, and the Board’s Nominating, Corporate Governance & Public Policy Committee and Compensation Committee, in each case effective as of May 1, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Nancy M. Schlichting was appointed as Director at BAXTER INTERNATIONAL INC.

Action: appointed
Role: Director

Exact text from the filing

On December 13, 2021, the Company appointed Ms. Nancy M. Schlichting to the Board of Directors of the Company

View on SEC.gov

BAXTER INTERNATIONAL INC filing history →

Source: SEC EDGAR

accession 0001628280-21-024946

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